Bitget Dominates Crypto Market With Highest Market Share Surge in H1 2024: CCData Report

Bitget, the leading cryptocurrency exchange and Web3 company, has revealed in-depth insights into its growing market share as highlighted by CCData in the 2024 H2 Outlook Report.

Cryptocurrency exchange Bitget has seen the "largest uptick" in market share among centralized crypto exchanges (CEXs) in the first half (H1) of 2024, according to a CCData report.

The exchange’s market share surged by 38.4% growth in H1, followed by Crypto(dot)com and Bybit at 24.6% and 22.2%, respectively. In comparison, larger players like Coinbase, OKX and KuCoin saw declines.

The report also noted that CEXs are taking on new roles and responsibilities, with CCData highlighting the increasing importance of open interest, funding rates, and derivatives trading to spot-ratio in understanding market sentiment.

Following the approval of BTC and ETH ETFs earlier this year, open interest soared, with the open interest on derivatives exchanges rising 30.5% to $55.2 billion as traders capitalized on the surprise approval of spot Ethereum ETFs in the United States, according to CCData.

During this time, Bitget surpassed the growth of all major derivatives exchanges, with a 39.2% increase in open interests, while Binance, and OKX recorded an increase of 33.2% and 22.1%, respectively.

“Bitget’s growth can be attributed to its strong community of supporters and contributors who have recognized the platform’s strength and dedication to serving its users," said Gracy Chen, CEO of Bitget.

"Our recent internal analytics hint at an even faster pace of growth in the coming months, which we will leverage to bring crypto to the broader masses.”

In Bitget's recent Q2 2024 transparency report, the exchange attributed its 50% increase in traffic to its efforts in catering to its diverse audience with localized services throughout the globe, according to Similarweb data.

The exchange also saw a 73% surge in users' holdings in BTC, 80% in USDT, and 153% in ETH over the past six months, indicating nearly $700 million in capital inflow, as per its proof-of-reserves.

In June, Bitget recorded the highest capital inflow of $1.3 billion, surpassing Binance, OKX, Bybit and all the other major exchanges, according to DeFiLama.

CCData's findings are consistent with other data providers, such as Forbes, which recently ranked Bitget Token (BGB) among the top 10 best-performing tokens in 2024, with a 100% surge in the first half of the year.

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