Bitget, a middle-sized cryptocurrency exchange punched above its weight in the second quarter of the year coming in third in the list of top crypto exchanges based on Q2 capital inflow.
Bitget stated a capital inflow of $700 million and a 50% increase in website traffic spelling a strong quarter for the cryptocurrency exchange.
The crypto exchange came in third behind Binance and Bitfinex in terms of net capital inflow and activity on the platform increased by 50%.
The milestone was announced by Bitget CEO Gracy Chen on her X page sharing an infographic to back her claims up.
“Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2” Gracy Chen tweeted.
Bitget’s Q2 in Numbers
Bitget experienced a significant increase in user funds with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively, in the first six months of the year.
According to CCData’s latest H2 Outlook Report, Bitget has the largest market share growth amongst Centralized exchanges amounting to 38.4% from H2 2023 to H1 2024, while most of its other counterparts experienced a slight drop.
In Spot trading volume Bitget continues to coast among the top 5 centralized exchanges in terms of spot trading volume. The Spot trading volume of Bitget increased by over 10% from $28B in Q1 to $32B in Q2.
Despite the impressive increase in spot trading volume for Bitget, the crypto exchange still does not rank amongst the top 10 crypto exchanges by trading volume.
In terms of website traffic, Bitget’s monthly visitors reached 10 million with total traffic surpassing 82 million in Q2.
Sponsorships and New product
Bitget in its drive to expand its global adoption has signed some sports sponsorship deals and released new products as well.
Bitget entered a partnership with three Turkish national athletes as part of its #MakeItCount campaign. The campaign also featured Lionel Messi and an agreement with famous footballer was signed back in February, to build a brand presence in Latin America.
The exchange also introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects.
BGB the native token of Bitget was recognized as the best-performing centralized exchange token in June and was ranked in the top 10 cryptocurrencies by Forbes.
What to know
- Binance recorded the highest number of capital inflow in Q2 2024 with a staggering $908 million cementing its position as indeed the largest crypto exchange in the industry.
- Bitget launched a $20 million ecosystem fund in Q2 which aims to accelerate the development of the Open Network ecosystem ( TON) and support early-stage projects on it.
