Bitget Monthly Report (Nov 2023): Spot Trading Surges by 82% With Crypto Market Resurgence
November 2023 marked a year since the market turbulence and continuous regulation tightening in the crypto space. Nevertheless, the growth recorded has tremendously outperformed the expectations of market recovery. In November, Bitcoin and altcoin prices consistently increased due to a wide range of contributing market segments. Bitcoin traced back 130% since its 2022 lows and broke $700 billion in market cap. In November, as financial markets relaxed amidst a range of macro risks, it bolstered the growing momentum in the crypto market, with Bitget also witnessing a sharp 82% monthly increase in spot trading volume.
The strong growth continues as the first week of December marked a record high for Bitcoin's value in 2023. It surged from $37,500 to $44,000, showing a weekly increase of 19% and reaching its yearly ATH value. The surge became a catalyst for huge spikes in Bitget’s user onboarding and activity.
The number of new users in the first week of December this year exceeded the number of new users for the entire December of last year by 20%. Notably, 89% of the new users acquired Bitcoin and other cryptocurrencies, while 61% purchased only Bitcoin. Interest in buying Bitcoin from retail traders correlated with a surge in internet search queries. According to Google Trends, from November 30 to December 6, Bitcoin-related search queries doubled.
Bitget's growth for November 2023 was another step towards building the strong foundations of the future of crypto. With world-class product launches, super-speed listings for top trending tokens, accelerating startups under the $10 million Blockchain4Youth initiative, and global business expansion, Bitget had it all going!
If this wasn't enough, Bitget Wallet partnered up with multiple industry-leading applications and Bitget's Protection Fund hit an all-time high of $400 million. In case you missed it, here's an overview of Bitget's past month.
Bitget announced its strategic plans of investing in blockchain startups based in India, under its Blockchain4Youth (B4Y) $10 million Web3-focused project. The initiative kicked off on 6th November and concluded on 4th December, 2023 at BUIDL for Web3 . Indian startups got the opportunity to pitch to Bitget and top VCs within the crypto space during the event as a part of the initiative. With this program, Bitget identified valuable and promising projects in India.
Bitget formed an educational partnership with the University College London’s (“UCL”) Blockchain Society and FinTech Society. The partnership enables students to get an in-depth understanding of blockchain technology and trading through Bitget Academy’s comprehensive resources. Built upon Bitget’s Blockchain4Youth initiative, this collaboration offered a curriculum beyond traditional theoretical instruction. It delivers a combination of expert lectures, and practical knowledge on blockchain and trading to students who will receive certification upon completing the course.
Expanding B4Y and Bitget's horizons in Africa, we hosted Bitget Builders Global Tour at the Technical University of Mombasa earlier this month. The Bitget Builders Global Tour in Mombassa was a testament to the program's success, with students converging to learn about different aspects of spot trading and the Bitget ecosystem. This pivotal event marked the commencement of the Bitget Builders Program, a visionary campaign designed to cultivate the next wave of crypto leaders amid the youth demographic.
To give back to the community for its contribution towards the growth of Bitget's ecosystem. Bitget launched its highly-anticipated limited edition NFTs for Bitget Builders, a tribute to the dedication and passion of its core contributors. This move demonstrates Bitget's gratitude to its builders, offering exclusive benefits through the NFTs. Each token is accompanied by an array of unique benefits designed to reward the Core Builders for their significant contributions and express appreciation for their unwavering support.
Overall, the ecosystem received wider exposure as Bitget Wallet entered into a partnership with Chiliz, top blockchain service providers for the sports and entertainment industry. The partnership includes the integration of the layer-1 blockchain, Chiliz Chain, into Bitget Wallet, allowing users to add the Chiliz Mainnet to their app, and send, receive, and manage CHZ, the Mainnet's native token, as well as a variety of exciting fan tokens.
Bitget has introduced 51 new tokens to its platform, featuring MEMECOIN, RATS (a BRC-20 token), and the decentralized oracle project PYTH. These additions have generated significant attention and trading volume, leading to remarkable price surges of over 400% for many of the listed tokens. Notably, MEMECOIN has a standout performance, soaring by over 2000%. Moreover, the platform included T2T2, the Web3 social platform, on its Launchpad, resulting in a sharp rise of 789%.
Copy Trading Highlights
Bitget maintains its position as the leading global crypto copy-trading exchange, drawing in a remarkable 5,000 elite traders and attracting over 20,000 new followers in November. The platform is committed to profit-sharing, with traders collectively earning over 445,000 USDT. Additionally, followers have amassed nearly 10 million USDT in total profits this month. The platform's success is evident through the execution of over 1.4 million profitable trades, showcasing the effectiveness of the Bitget trading platform.
Additionally, the first week of December witnessed an increased demand for our copy trading in the spot market (launched in January 2023) compared to the first week of November, with a 23% rise in the number of users engaging in copy trading.
Copy trading for cryptocurrency derivatives has also gained popularity. As it has been available to users since December 2022, comparison metrics are feasible. During the first week of December, copy trading attracted 17% more users compared to the entire December of the previous year.
New Products and Features
The Elite Trader Private Mode, a cutting-edge feature designed to redefine the world of copy trading for professionals, was introduced in November. The features create an exclusive environment for professional traders and their dedicated followers. This innovative mode enhances the trading experience for both experts and their loyal follower bases, offering unique advantages that set it apart.
Users can now whitelist invitations to invite specific users to follow their strategies, cultivating a loyal and valuable follower base. Within the Private Mode, trading experts can exclusively share their strategies with their dedicated followers, ensuring comprehensive strategy protection. It abolishes the need to lock up BGB (Bitget native tokens), enabling the flexible customization of profit-sharing ratios, ranging from 0% to 99%. This maximizes profit-sharing opportunities for traders, recognizing their significant contributions to the platform. The mode gets in personalized follower management where experts and professional traders can closely monitor their followers' trading activities.
P2P on Bitget has expanded its support for fiat gateways in the Middle East region. Users can now utilize the platform's peer-to-peer trading for seven currencies: DZD (Algerian Dinars), BHD (Bahraini Dinars), TND (Tunisian Dinars), JOD (Jordanian Dinars), QAR (Qatari Rials), MRU (Mauritanian Ouguiyas), and OMR (Omani Rials). With the newly added fiat support, Bitget users can start buying and selling crypto with zero fees on Bitget P2P . Users can purchase USDT with integrated local currencies using local payment methods from anywhere globally via Bitget P2P .
Bitget Wallet enabled an upgraded MEV (Maximum Extractable Value) protection feature by integrating with research and development organization Flashbots. Bitget Wallet aims to address the prevalent issue of MEV attacks across the Ethereum network, offering users a safer and more convenient on-chain trading experience.
The "MEV Protection" feature is now automatically enabled by default on Bitget Swap , the wallet's integrated swap function, protecting users from potential risks such as front-running and 'sandwich attacks' when they perform on-chain token transactions on Ethereum using Bitget Swap. Additionally, leveraging Flashbots' MEV-Share protocol allows Bitget Wallet to automatically return MEV profits generated from transactions to users without any additional actions required on their part.
Bitget Wallet partnered up with zkLink to integrate support for As a prominent trading infrastructure solution provider, zkLink facilitates interoperability across a myriad of Layer 1 and Layer 2 blockchains, utilizing cutting-edge multi-chain ZK-Rollup technology to streamline cross-chain and cross-rollup interactions.
Following the integration with Bitget Wallet, users may now easily access zkLink’s diverse suite of official ecosystem DApps via the Bitget Wallet browser extension, including ZKEX, a widely-acclaimed multi-chain order book DEX. Users may also now engage in spot and perpetual contract trading over a wide diversity of blockchains, including zkSync Era, Linea, BNB Chain, Arbitrum, Polygon, Avalanche, Optimism, and Base, right from their Bitget Wallet.
WOOFi, a decentralized trading protocol developed by WOO Network, has further expanded its support for Bitget Wallet by providing access to its platform via the Bitget Wallet browser extension. This move is designed to offer users a more streamlined, efficient, and versatile trading experience. With this integration, users of Bitget Wallet can now seamlessly connect to the WOOFi platform via both their browser extension and mobile app, allowing them to perform cross-chain transactions, Layerzero-based cross-chain staking services, and various other features on WOOFi.
Leveraging cross-chain infrastructure from Socket, prominent cross-chain aggregator Bungee has recently announced its integration with the Bitget Wallet (Formerly BitKeep) browser extension. As a part of this integration, users will be able to access the Bungee platform via both their mobile app and web browser iterations of Bitget Wallet, enjoying seamless token swaps and cross-chain transactions across more than ten supported blockchains.
Driving Crypto Adoption
Throughout November, Bitget actively participated in several significant conferences. From the Australia Crypto Convention in Melbourne to Devconnect in Istanbul and Labitconf in Buenos Aires, our presence was truly global. At these events, we conducted engaging panel discussions and workshops, and to cap off our 5th-anniversary celebrations, we hosted vibrant afterparties.
Insights and features from Managing Director, Gracy Chen.
We believe that this surge coincides with optimism surrounding the potential approval of U.S. exchange-traded Funds (ETFs) to hold digital assets. The new potential investment option is viewed as revolutionary since it enables investors to purchase and sell Bitcoin at spot prices as opposed to futures. According to analysts, this has the potential to democratise cryptocurrency investing by increasing accessibility to a wider range of investors and reducing some of the inherent risks involved. The likelihood of regulatory approval has increased due to the accomplishments of cryptocurrency fund managers recently; this could happen as early as next month.
Notable is the increasingly growing interest in BRC20 tokens. The trading volume of tokens in Bitget's BRC20 Zone, such as ORDI, SATS, and RATS, during the first week of December, is more than half of the total volume traded in November of this year.
This growing interest can be explained by the Ordinals (ORDI) BRC-20 token reaching a market value exceeding $1 billion in the same period, becoming the first of its kind to do so. ORDI is a meme coin using the Ordinals protocol to make inscriptions. Its price skyrocketed 28% on December 6 and reached an all-time high of $66.
ETFs will likely create a powerful impetus for Bitcoin, leading to a record-breaking surge in the coming year. Yet, even without ETFs, Bitcoin has strong reasons to sustain its momentum. Acceptance of the cryptocurrency is steadily increasing year by year. Moreover, with a capped supply of 21 million coins, growing demand creates scarcity, consequently driving up its value. The trend of reducing circulating supply has been ongoing since 2020, as more coins are held in wallets for extended periods. This trend will be further intensified by the upcoming halving event.
For further insightful articles from Gracy, please refer to the links below.
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