Crossing the market fluctuations of bull and bear markets: Bitget's dual exploration of stability and growth
Written by: Peng Yong
Bitget was founded in the bear market on September 12, 2018. Unfortunately, the entire industry was in despair at the time, and the crypto market continued to fall until January 2019, with Bitcoin falling to $3,200.
Bitget did not fall because of the bear market. Instead, it rose to the challenge, built in the bear market, maintained firm confidence in the industry, and continued to innovate and optimize services. Bitget successfully attracted a large number of users by continuously launching new features and improving user experience.
In 2022, due to the collapse of FTX, the market once again lost confidence and the crypto market entered a cold winter. This year, the crypto industry not only experienced large-scale bankruptcies, but also experienced the United States starting to raise interest rates this year. Subsequently, the US SEC and other departments successively sued and planned to sue crypto trading platforms such as Coinbase, Binance.US and Bittrex. The tightening of supervision and inspection has increased the bear market in the crypto market and affected investors' confidence. CEX generally faces the dilemma of declining trading volume.
Surprisingly, Bitget did not continue to decline due to the 2022 crypto winter and the impact of the US interest rate hike. Instead, it accelerated its growth and became the fastest growing in 2022.cryptocurrencyTrading platform. According to a report released by Boston Consulting Group in July 2022, Bitget's total trading volume in 2022 increased by 300%, making it the world's third largest crypto derivatives platform.exchange.
Bitget is on the rise
Bitget has been running wild in terms of macro data growth. Data from DefiLlama.com from April to May this year showed that the asset size of top CEXs has been declining and stagnant.At the end of May and the beginning of June, Bitget's data rebounded rapidly and achieved positive growth, with monthly capital inflows of US$1.25 billion, far exceeding the growth elasticity of other CEX asset sizes.
According to the second quarter 2024 data released by CryptoRank.io, Binance ranked first with $908 million in inflows. Bitfinex and Bitget ranked second and third with $709 million and $561 million, respectively. In Coingecko's monthly visit ranking, Binance continued to lead with 65.5 million visits, and Bitget ranked third, showing growth in both user activity and capital inflows.
contractmarket
contractThe competition in the market has begun to change significantly. Bitget has maintained rapid growth since last year.Binance, OKX, Bybit, etc. have performed relatively stably in the derivatives market. According to data from The Block, Bitget has been continuously increasing its market share in derivatives since 2022.
On June 7, The Block recently published a chart showing the open positions of Bitcoin on various trading platforms.contractAccording to this data,BinanceThe Bitcoin open interest of Bitget is $8.5 billion, accounting for 27% of the market; Bitget ranks second, with Bitcoin open interest exceeding $8.16 billion, accounting for 26% of the total market; followed closely by Bybit, with Bitcoin open interest of $5.48 billion, accounting for 17.51% of the market; and OKX, with Bitcoin open interest of $3.03 billion, accounting for 10.77% of the market. The current derivatives market share is basically occupied by these platforms.
Bitget has maintained explosive growth since last year. In the Bitcoin futures open interest market, Bitget's market share has rapidly increased from 9.7% a year ago to 26% on June 7 this year, an increase of 168%.
andBinance的合约市场份额从 2023 年 6 月 7 日的 36% 下滑到今年的 27%，市场份额下降了 9 个百分点，相当于 25% 的降幅（降幅 = （初始市场份额 – 当前市场份额） / 初始市场份额 * 100%，具体计算：（36 – 27） / 36 * 100% = 25%）。合约作为exchangeAs one of the important businesses of Binance, Binance faces fierce competition and continuous loss of market share in contract market trading, but still maintains its leading position.
The market share of Bybit and OKX has changed little. On June 7 last year, Bybit and OKX had market shares of 19.13 and 12.03% respectively. Compared with last year's data, Bybit dropped by 1.5% and OKX dropped by 1.26%. Bitget's growth is the most eye-catching, with its market share increasing from 9.7% on June 7 last year to 26%.
Spot Market
Bitget's growth is not limited to derivatives trading. Bitget also performed well in the spot trading field. Bitget restarted the spot market in 2023, and its trading volume increased by 94% in a downturn. In addition, in terms of listing, 355 new currencies were launched in 2023, an increase of 46% year-on-year compared with 2022. Bitget's success is attributed to its innovative trading products, efficient marketing strategies and keen grasp of user needs.
Bitget 虽然成立 6 年，但是之前一直在拓展衍生品市场。很晚才进入现货市场——2023 年重启现货市场，但在短短一年内，其 24 小时现货交易量就达到了 1,400,610,407 美元（2024 年 7 月 2 日的数据，来源 CoinMarketcap），迅速攀升至排名第五，成为成长最快的exchange之一。相比创立于 2011 年的 Kraken 和 2012 年的 Bitfinex，Bitget 现货市场表现尤为突出，这突显了其强大的市场适应能力和竞争力。其他领先交易所如币安、Bybit、HTX（Huobi）、Coinbase 和 Gate.io 也表现出色，但 Bitget 的迅猛增长尤为引人注目。
Bitget's outstanding performance in the spot market is attributed to providing more innovative trading strategies for users and professional traders: 1) Spot trading copy, which allows users to choose trustworthy professional traders in the spot copy market and follow their trading strategies to gain profits. 2) Contract trading copy, which is consistent with spot copy, follows the orders of trustworthy traders. 3)AI Strategy trading copy,AI Strategy copying is to analyze market data and trading patterns through artificial intelligence technology, automatically generate and execute optimal trading strategies, and help users achieve intelligent and efficient transactions in the market.
Bitget’s success shows that even if you enter the spot market late, you can still survive in the fiercely competitive market through effective trading innovation strategies and strong execution capabilities.cryptocurrencyIt has rapidly emerged in the exchange market and has become an important player in the industry.
BitgetSafetymeasure
As a top trading platform with 25 million users, Bitget has alwaysSafetySince its establishment, Bitget hasSafetyAfter six years of operation, there has never been a case of user information leakage or platform assets being stolen.steal的事件。其卓越的Safety记录背后是严密的安全存储、内控体系、风控体系、资产透明和保护基金等多重保障措施。
1. Secure Storage:Bitget uses cold/hotwalletSeparate storage and multi-signaturewalletTechnology ensures that user assets will not be inaccessible due to the "disconnection" of individual administrators.
2. Internal control system:Bitget minimizes sensitive permissions and separates permissions, and has abnormal behavior alarm mechanisms, more manual review mechanisms, and complete personnel files to prevent internal malicious behavior.
3. Risk control system:Bitget continues to optimize the KYC (identity authentication) and AML (anti-money laundering) systems, and cooperates with professional institutions such as Sumsub to improve the ability to identify "AI face-changing" fraud and ensure the transaction security and legality of the platform.
4. Asset transparency:BitgeXiaobai Navigationt publishes reserve reports every quarter to ensure that it has a fund reserve of more than 1:1. Its reserve ratio is maintained at 150-200%, far exceeding the industry average, demonstrating its high attention to the security of user assets.
5. Conservation Fund:Bitget has the second largest user protection fund among CEXs, with a total amount of more than $400 million. When the platform encounters security challenges, the fund will ensure that users will not suffer losses and provide strong protection.
Bitget's success is reflected not only in its impeccable security record, but also in its market performance and the amazing growth of its platform currency BGB.
保持安全措施对于加密货币交易平台至关重要，因为它直接关系到用户的信任和平台的生存。首先，安全措施能防止黑客攻击、信息泄露和资产被steal，保障用户的资金安全和个人隐私。Bitget has performed particularly well in this regard, with no incidents of asset theft or user information leakage since its establishment.
Secondly, strong security helps build and maintain user trust, which is critical to the long-term development of the platform. With its impeccable security record, Bitget believes that they will gain more trust from users. These asset losses and information leaks will gradually make users lose trust in the brand, and may also lead to more legal disputes and regulatory issues, as well as damage the reputation of the platform.
In addition, the security measures of the trading platform can enhance the platform's market competitiveness and stand out even in fierce competition. Over the years, Bitget has provided users with secure asset protection, personal information and continuous product optimization, established a good reputation in the market, attracted 25 million users to use its products, and consolidated its market position.
Amazing performance on the other hand
In the past two months, the market has been weak, but Bitget has maintained positive growth. The good data of the platform is like the company's solid performance, and the platform currency is the golden shares in the hands of shareholders. With the support of solid performance, the value of these shares continues to increase, bringing rich returns.
First, the data performance of Bitget platform currency. According to Coingecko data, BGB Token It was listed in 2020, fell to the lowest price of 0.0149, and then began to soar. The highest price in June this year was 1.44 US dollars. Calculated from the lowest price, the increase in 4 years was 90 times, and the average annual increase was 22.5 times. The increase from 2023 to 2024 exceeded 10 times, and the average monthly increase was 0.8 times.
As of June 10, observe BGB Token数据走势，可以看出 BGB 在每一次跟随大盘行情下跌调整之后，都可以轻松超越上一个高点。而在今年的两次大盘回撤中，几乎所有的山寨币都下跌超过 30%~50%，BGB 从 2021 年 7 月至今，月度跌幅不超过 18%（甚至是 LUNA、FTX 崩盘也未能让 BGB 月度下跌超过 18%），侧面说明了 Bitget 平台没有因为市场大崩盘而无法快速增长和不可持续，而是风雨无阻让数据保持高增长，反映在 BGB Token上的表现也十分强劲。
Let's look at Binance's platform coin BNB. Continuing to observe the data performance from 2021 to the present, BNB has experienced several large fluctuations under the influence of the market. Although it has performed well at certain times, especially when the market as a whole retreated, BNB's decline was significantly larger. For example, in this year's market retreat, the price of BNB fell by more than 30% from its high point. This high volatility and large retracement feature shows that BNB's ability to withstand pressure in the face of drastic market fluctuations is not so strong (K-line image data source Coingecko).
Let's look at OKX's platform currency OKB. Also from the data performance from 2021 to now, OKB has performed slightly better than BNB under the influence of the violent fluctuations in the market. OKB's highest point in the last bull market was $33.87, and it fell to a minimum of $9.98, a drop of 69.8%. BNB's highest point in the last bull market was $675, and it fell to a minimum of $197, a drop of 70%. During the period of violent fluctuations, their monthly declines exceeded 20% respectively.
In addition to BNB and OKB, Bitcoin rose to 61,000 in November 2021, and then fell to 16,800, a drop of more than 70% (K-line image data source Coingecko). Even after multiple rebounds, the drop exceeded 30%.
Since 2021, BGB's market performance has been relatively stable. Even in a volatile market environment, its decline has never exceeded 18%. This performance highlights BGB's strong risk resistance and rapid rebound characteristics. Whether facing the market chain reaction caused by the FTX and LUNA incidents, or other large retracements, BGB can recover quickly, showing its excellent market resilience and stability. "There will be a time to ride the wind and waves, and set sail to cross the vast ocean." BGB has shown its rock-solid qualities in the wind and waves, providing investors with peace of mind and trust. In the turbulent market, BGB's performance is undoubtedly a strong and stable force.
The role of BGB and the wealth effect
Secondly, users holding BGB can participate in Bitget platform star events or popular events, such as Launchpool, Launchpad, PoolX and other activities:
1.Launchpad is the first token issued on the exchange (IEO). By staking BGB, you can win the lottery for the project tokens that will be issued for the first time on the exchange. The more BGB you invest, the greater the probability of winning.
According to ChainCatcher's 2023 data statistics, comparing the highest returns of the Launchpad of the top ten platforms, users participating in Bitget Launchpad have obtained 41.9 times the return, and the overall average annualized return is 146% (the annual increase in return on holding BGB has not been calculated here), ranking first in the return list.
On June 11, Bitget launched a new project BWB (Bitget Wallet) and launched it on Bitget Launchpad. Users can buy BWB by staking BGB. At that time, the initial exchange price of BWB was $0.15. Now the price of BWB has reached $0.57 (the price on June 21), achieving a 3.8-fold profit (0.57 / 0.15 ≈ 3.8), showing the wealth effect of BGB holders. Let's continue to look down.
2. Launchpool, users participate in Launchpool mining by staking BGB (the more BGB you stake, the more rewards you get), and at the same time receive token rewards for new projects, also known asStaking MiningCompared with Launchpad, the participation method of Launchpool is simpler. You only need to pledge BGB to mine the new tokens that are about to be launched.
In the past 5 months of Launchpool activities - the income of different tokens on the Bitget platform, the following table shows the return on investment (ROI) and annualized return (Return(Y)) of each token in different time periods. ALEX, GRAPE, ZKF, RABBIT and SAROS tokens on the Bitget platform brought annualized returns of 178%, 174%, 329%, 179% and 47% respectively. In total, the annualized total income in the past 5 months reached 907%. This amazing income proves that users who hold BGB tokens and participate in various activities on the Bitget platform (such as Launchpool, Launchpad, PoolX) can get extremely high returns on investment.
Public data compilation
3.PoolX, its characteristics depend on the number and frequency of projects launched. The more projects PoolX launches, the more income it can provide to PoolX stakers. Since the launch of the first project CHATAI on April 8, Bitget has launched a total of 9 projects, with an average of one project launched on PoolX every day, and the average income range is about 16%-22%. This means that users can participate in PoolX every day.Staking MiningIf you still invest 10,000 BGB to participate in these projects, the overall accumulated benefits are also amazing. Users can provide BGB, ETH, BTC, USDT, ZK and other popular tokens for staking to obtain benefits. New users who participate in PoolX will receive additional airdrops and benefits.
The above three methods are the most popular ways of earning income on Bitget. Each method has different characteristics. I believe that BGB will strive for more ways of earning income for users in the future. Users holding BGB can not only enjoy the current high returns, but also benefit from the long-term appreciation potential of BGB. In the future, with the continuous development and innovation of the Bitget platform, the value and income opportunities of BGB are expected to continue to increase. In short, holding BGB can not only bring immediate economic returns, but also provide a solid foundation for potential future gains.
Summarize
Bitget has maintained strong vitality in both bear and bull markets, especially in the derivatives market, which has reached the same level as Binance. Throughout its operation, Bitget has not had any security incidents, which shows that their team attaches great importance to the security of users' funds and has gained the trust of more global users.
The article comes from the Internet:Crossing the market fluctuations of bull and bear markets: Bitget's dual exploration of stability and growth
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