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2022 was a difficult year for the cryptocurrency industry. After the collapse of Terra LUNA and CelsiusFTX, the market was left with a whopping $2 trillion deficit. Despite this, one crypto exchange rose to the challenge and became a dark horse in the midst of this turmoil – Bitget.
The firm made incredible progress during the crypto winter. Its expansion into the WeGlobal b3 market for the first time in 2022 enabled them to push their trading speeds to the max. As a result, the exchange is now one of the most active and rapidly growing exchanges, enjoying the greatest trading momentum.
These are the key areas of growth:
- The exchange was rated Top 3 Exchange according to Boston Consulting Group Report on crypto derivatives trading volume.
- According to Token’s InEye Report, Bitget experienced a massive surge in market share of derivatives from 3% to 11% after the collapse of FTX.
- Copy trading became increasingly popular, resulting in more than 300% more transactions.
- The workforce grew from 200 to over 1,100 employees at the end of 2022.
- The exchange became the exclusive partner for Lionel Messi’s cryptocurrency exchange.
The numbers speak for themselves
Previously, the focus was primarily on customer service in Asia. However, in 2022, the exchange had more than 8,000,000 users in over 100 countries and was present in Turkey, Southeast Asia, Latin America, and Europe.
The total volume of transactions increased by 300% to more than 4.2 million profitable transactions. Data from the platform shows that more than 100,000 merchants made over US$9.7 million in copy products trading.
Token’s most recent InEye Report states that Bitget’s market share of derivatives rose from 3% to 11% after the collapse of FTX. This was the largest market share growth in the sector. The total daily open interest in the top 10 exchanges declined 27.1% by the end of 2022, which is 41% since the peak in April of the same year. Among these exchanges, Bitget’s Open Interest rates increased by 344%, from $841 million to $3.74 trillion.
Despite the bear market, Bitget was able to achieve remarkable numbers. This is because it did four things right and managed to beat the industry trend.
1. Copy Trade Defined
The platform has devoted four decades to perfecting its copy trading infrastructure. This allows them to offer the ultimate social trading experience. The One-Click Copy Trade feature reduces errors in price fluctuations and simplifies cryptocurrency trading. It is also a great way to get started.
The company has also launched Bitget Insights and Strategy Plaza, which allows users to select the most lucrative trading methods they wish to be a part of.
In 2022, the platform had the largest market share for copy trading cryptocurrency.
2. Protection and Security for Users
The company has taken various measures to ensure the safety and comfort of its users. Over the past four years, the platform has nearly broken the industry record for highest performing product and has had almost no accidents due to its IT security system and 24/7 monitoring. To protect its users, Bitget launched a Protection Fund of 300 million, which it has pledged to keep in place for three years in case of emergency. Fortunately, there have not been
The cryptocurrency sector has been through a challenging time over the past few years, with the bear market leading to a decrease in the number of active users. Bitget, however, has managed to defy the odds and become a dark horse in this crypto winter. This is thanks to the company’s commitment to putting retail customers first, as well as its strategy of working closely with influencers. Here, we look at the story of Bitget and its success in the bear market.
The company has a strong belief in prioritizing retail customers and providing them with better services and more attractive rates. This is a contrast to other companies that tend to focus on VIP or institutional users. Bitget also understands that retail investors are an important driving force for the growth of the cryptocurrency sector, and has designed product attributes and interest protection mechanisms with them in mind.
Bitget is also committed to working closely with influencers, and has built a network with more than 100,000 KOL friends all over the globe in the past four years. It has shared its most professional business strategies and high-quality content with these influencers. Social trading is also an important part of the Bitget system, and the company has found a new development path that meets the needs of the platform and keeps it focused.
The company has some advice to offer to fellow builders in the bear market. It suggests creating a product with distinctive qualities and becoming a leader in the field, as well as ensuring high security and putting customer interests at the forefront of decisions. Bitget believes that, even in bear markets, the industry can still experience steady growth.
Looking ahead to 2023, the company predicts that the macro liquidity will continue to affect the crypto market, with the tapering off of the rate rise. The number of unlocked DeFi positions will also increase, and the volume and TVL of DeFi blues will rise. The company hopes that its words will inspire and encourage the industry.
