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The fall of FTX brought about changes in the track, and Bitget's market share increased rapidly

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Bitget ranked among the top three derivatives trading platforms, increasing its market share 2.6 times

Original source: Bitget

On January 19, 2023, despite the depressed market sentiment in 2022, Bitget, the leading cryptocurrency derivatives trading platform, achieved a happy result. Not only did its total trading volume increase by 300%, but it also became the top 3 cryptocurrency trading platforms in the global derivatives field, with a 2.6 times increase in market share.

2022 was the toughest year for the crypto industry, with the collapse of Terra LUNA, Celsius, and FTX, wiping more than $2 trillion off the crypto market. Despite the tough market, Bitget grew on all fronts; In the cryptocurrency market over the past year, Bitget has made great strides in team building, brand building and business development, making the Bitget trading platform a dark horse to buck the trend of growth and break out of the competition.

Some of the company's key achievements include:

1. The Bitget cryptocurrency derivatives space briefly climbed to number three globally, according to the Boston Consulting report.

2. According to a recent report from TokenInsight, Bitget's share of the derivatives market rose from 3% to 11%.

3. Total trading volume increased more than 300%, documentary products hot.

4. The number of employees has grown from fewer than 200 in early 2022 to more than 1,100.

5. To become Macy's sole cryptocurrency trading platform partner.

Bitget's total volume grew more than 300 per cent, driven by documentary trading and contract trading. By December 2022, the platform's flagship product, one-click merchandiser, had attracted more than 80,000 traders and more than 338,000 merchandisers, with more than 42 million profitable trades, leading the industry in the merchandiser market.

In the derivatives market, Bitget has grown rapidly as FTX has fallen, and is the biggest winner. According to a recent report from TokenInsight, Bitget's share of the derivatives market rose from 3% to 11%. By the end of 2022, total daily open interest on the top 10 exchanges was down 27.1 percent from January 1 of the same year, and about 41 percent from the peak daily open interest on April 5 of the same year. Of the exchanges, only Bitget saw a significant increase in open interest, up 344% from $841 million at the start of the year to $3.74 billion at the end of the year.

These encouraging numbers come not only from Bitget's efforts to improve its service, but also from its global expansion and adoption of top notch security and protection measures. Previously, the company focused on a handful of Asian countries. Since then, the exchange has actively expanded its international business, and by the end of 2022, it has served more than 8 million users in more than 100 countries and regions, with a presence in Turkey, Southeast Asia, Latin America and Europe. Bitget protects users' assets on the platform with a number of security measures, including a $300 million protection fund, money custody service, and the launch of Merkle Tree Reserve Proof.

Gracy Chen, managing director of Bitget, said: "2022 has been an important year for Bitget. Our results are encouraging, and despite some negative events in the industry, Bitget has continued to grow and we will use this as an opportunity to further strengthen our capabilities. Our partnership with Massey is also a reminder of the passion, perseverance and teamwork required for long-term growth."

"Macro liquidity will continue to influence crypto markets, with the pace of interest rate increases expected to slow gradually in 2023. The Fed's impact on macro liquidity will also shape investor expectations for crypto markets. In addition, DeFi lock-ups are expected to slowly recover in 2023. The number of active users and the number of new wallet addresses on Polygon, Ethereum, BSC and other chains continues to rise, even as the Token value of most popular blockchain public chains declines."

"2023 will be a year full of opportunities and challenges as we continue to focus on providing our users with the best social trading and derivatives trading experience. We will also continue to expand our spot services and optimize the overall platform experience. As the industry continues to consolidate and adjust and the overall macro economy improves, we will accelerate our exit from this crypto winter and Bitget will strive to lead and drive the industry forward."