Bitget's Q3 Performance Growth: Market Share Increase Ranks Second, Number of BGB Holders Reaches All-Time High
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Bitget's Q3 Performance Growth: Market Share Increase Ranks Second, Number of BGB Holders Reaches All-Time High
BGB's outstanding performance reflects Bitget's strong commitment to accelerating cryptocurrency adoption within its ecosystem through its DeFi and CeFi products.
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Summary
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Despite an overall market downturn, Bitget achieved the largest market share growth, reaching 9.43% in September;
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The BGB token has become one of the top five platform tokens by market capitalization, with the number of BGB holders continuously growing, reaching 354,472 in Q3;
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Bitget announced its expansion plans for the Middle East region;
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Bitget launched a $100 million EmpowerX Fund to support the development of its Web3 ecosystem.
Victoria, Seychelles, October 20, 2023: Leading cryptocurrency derivatives and copy trading platform Bitget has released its quarterly transparency report, highlighting the platform's key achievements during the third quarter of 2023. The report underscores Bitget’s strong performance amid challenging market conditions and showcases the exceptional growth of its native token, BGB.
The entire industry faced a bleak market situation in Q3 2023. According to a report by CCData, spot trading volume on centralized exchanges was $1.33 trillion, while derivatives trading volume reached $4.8 trillion—down 22% and 23% respectively. In September, the combined spot and derivatives trading volume on centralized exchanges declined for the third consecutive month, dropping 20.3% to $1.67 trillion. Despite this downturn, Bitget recorded the largest increase in market share, reaching 9.43%.
Contributing factors to this growth include the outstanding performance of Bitget’s native token BGB this year. BGB outperformed most other platform tokens, ranking among the top five by market cap. Its price rose from $0.18 at the beginning of the year to a quarterly high of $0.4927 in September.
“BGB’s strong performance reflects Bitget’s firm commitment to accelerating cryptocurrency adoption within its ecosystem through both DeFi and CeFi products,” said Gracy Chen, Managing Director at Bitget. “We are dedicated to providing users with innovative and secure trading solutions, and BGB’s growth is a testament to the trust and support our expanding community places in Bitget.”
Anticipation surrounding the relaunch of Bitget Launchpad drove its value higher, peaking at $0.5152 on February 19—the highest price in its history. The number of BGB holders continued to grow, reaching 354,472 in Q3, with over $1.3 billion worth of BGB traded in the past three months.
Bitget’s ecosystem remained stable despite market volatility. Last quarter, Bitget’s protection fund consistently exceeded $300 million. In July, it peaked at $368 million, the highest level that month. Combined with Bitget’s over 200% reserve ratio, this provided an additional layer of security for user funds.
Through collaborations with multiple industry stakeholders, Bitget has brought simplicity and convenience to crypto tax reporting, portfolio management, and automated trading, launching enhanced data solutions. These include partnerships with Cointracking, Coinstats, CCData, Koinly, 3commas, and Cobo Superloop.
Bitget continues to lead initiatives aligned with its vision of reshaping finance through the evolution of cryptocurrency, aiming to create a fairer future. In Q3, Bitget implemented a new brand refresh strategy, reinforcing its position as a leader in innovative trading products.
Bitget also emphasized its expansion plans in the Middle East. Countries under exploration include Bahrain and the UAE, particularly crypto-friendly emirates such as Dubai, Abu Dhabi, and Ras Al Khaimah.
In September, Bitget launched the $100 million EmpowerX Fund, dedicated to advancing the development of its platform ecosystem. This strategic fund aims to explore investment opportunities in regional exchanges, data analytics firms, media organizations, and other entities that contribute to platform growth.
To celebrate its fifth anniversary, Bitget hosted the grand EmpowerX Summit in Singapore, drawing nearly 1,900 guests and featuring more than 247 distinguished speakers and partners. The flagship event served as a platform to discuss the transformative potential of the cryptocurrency and Web3 ecosystems. Keynote speeches were delivered by prominent figures including Tim Draper, Haseeb Qureshi, and Justin Sun, underscoring the platform’s ongoing commitment to empowering the crypto community.
Through its quarterly reports, Bitget aims to set a gold standard for industry transparency and credibility. While continuing to pioneer innovation and build a more inclusive financial future for all, Bitget demonstrates a steadfast commitment to security and reliability.
About Bitget
Bitget, founded in 2018, is a global leading cryptocurrency exchange and Web3 company. Serving over 20 million users across 100+ countries and regions, Bitget Exchange empowers users to trade smarter through its pioneering copy trading feature and other advanced trading solutions. Bitget Wallet, Bitget’s Web3 subsidiary, is a decentralized multi-chain digital wallet supporting over 250,000 cryptocurrencies across 90+ blockchains, enabling exploration of DEX, DeFi, NFTs, and the metaverse. Through strategic partnerships with trusted names like legendary Argentine footballer Lionel Messi and official esports organizer PGL, Bitget inspires people to embrace cryptocurrency.
For more information, visit Official Website｜Twitter｜Telegram｜LinkedIn｜Discord｜Bitget Wallet
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