Bitget Exchange Attains 9% Market Share, Token Price Soars 300%, Report Shows

Key takeaways

• The crypto market has experienced ups and downs in the second half of 2023, with a possible spot ETF approval boosting the bullish sentiment.
• Binance has lost some market share to other exchanges like Bitget, Bybit, and OKX, while the overall trading volume has reached a one-year low in September 2032.
• Bitget’s native token BGB has performed exceptionally well, increasing by almost 300% year-to-date and ranking among the top 5 CEX tokens by market cap.

Total crypto market cap, July – October 2023

The second half of the year has been a challenging time for the crypto market, with bearish sentiment changing to bullish as there was some positive news on a possible spot ETF approval. The post-FTX continuous effect was felt throughout the market, pushing traders to migrate from one exchange to another.

2023 Crypto Exchanges Market Share

According to data from the TokenInsight report, Binance has lost 2% of the market share, and a number of crypto exchanges like Bitget, Bybit, and OKX have taken advantage, and have increased their respective shares despite the fact, that the trading volume in September hit a new one-year low of $1.67T.

Bitget’s native token BGB not only outperformed most other exchange tokens with an almost 300% year-to-date increase but also secured a place among the top 5 CEX tokens by market capitalization. Its price saw a remarkable increase, surging from $0.18 at the start of the year to a peak of $0.50 in September. According to the most recent Bitget Transparency Report, the number of https://coincodex.com/BGB holders passed 350,000, while the volume traded exceeded $1.3B in the last quarter.

Number of https://coincodex.com/BGB holders

Gracy Chen, Managing Director at Bitget, commented on the exchange’s financial metrics:

“The exceptional performance of BGB reflects Bitget’s strong commitment to accelerating crypto adoption with its DeFi and CeFi products in the ecosystem. We are dedicated to providing our users with innovative and secure trading solutions, and the growth of BGB is the result of trust and support of our growing community.” 

Bitget has implemented the Bitget Proof of Reserves (PoR) to enhance user trust by verifying that Bitget holds enough funds to cover its users’ deposits on a one-to-one basis. Bitget introduced PoR in late 2022 and has maintained a reserve ratio of over 200% every month since then, as the Q3 2023 report shows. On top of that, the platform launched its $100M EmpowerX Fund dedicated to fostering the platform’s ecosystem development. This strategic fund is tailored to explore investment opportunities in regional exchanges, data analytics firms, and media organizations.

Conclusion

The crypto market has witnessed a lot of volatility and uncertainty in the second half of 2023, but also some signs of recovery and optimism. Among the various players in the industry, Bitget has emerged as one of the leading exchanges that offer innovative and secure trading solutions to its users. Bitget’s native token BGB has shown remarkable growth and performance, ranking among the top 5 CEX tokens by market cap. Bitget has also implemented various measures to enhance user trust and confidence, such as Bitget Proof of Reserves, Bitget’s Protection Fund, and the EmpowerX Fund. Bitget is a platform that strives to accelerate crypto adoption and foster its ecosystem development.