Bitget General Manager Gracy Publishes Open Letter in 2024, Reviewing the Exchange’s Performance and Growth in the Bear Market in 2023, and Offering Three Major Outlooks for the Cryptocurrency Industry in 2024.
Table of Contents:
How did Bitget Seek Development in the Industry Adversity?
Strategic Layout and Investment Opportunities in the Bear Market
Future Outlook
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Looking back at 2023, it was a year full of challenges and breakthroughs that reshaped the future of the cryptocurrency market. After the thrilling year of 2022, Bitget remained vigilant in 2023, and we witnessed many breakthroughs, such as the development of Bitcoin spot ETF and the explosion of the Bitcoin ecosystem. These positive signals gradually restored the confidence of industry practitioners and investors.
Summary of Bitget’s Performance in 2023:
Bitget’s spot trading volume surged by 94%. The Bitget team grew from 1,100 to 1,500 employees, and the number of users increased from 8 million to 20 million.
We launched 355 new coins, a significant increase of 46% compared to the previous year.
In the development strategy for the coming year, Bitget will prioritize three key areas: 1) Compliance; 2) Emerging markets; 3) Web 3.
Although Bitget was initially known for its contract products, since the relaunch of its spot business in 2021, we have continuously accumulated experience. 2023 was a year of vigorous development for spot trading, as we enriched the variety of listed coins and achieved significant results. Bitget’s spot trading volume in 2023 grew by 94% despite the market downturn. Additionally, we listed 355 new coins, a 46% increase compared to the previous year.
At Bitget, our vision goes beyond just business; our goal is to continue leading and promoting the global adoption of cryptocurrencies. Our research team and listing team closely monitor market trends, actively seek and analyze potential projects, and introduce different sections in the spot market, such as BRC20 and AI, to provide users with more choices. We not only help users understand popular cryptocurrencies but also involve them in early-stage investments in potential projects.
Our star business, copy trading, also experienced growth against the trend. Currently, Bitget has over 130,000 trading experts, with more than 680,000 users participating in copy trading. The profits they have gained from copy trading have reached $450 million, and the total profit shared with traders is $23 million. We not only achieved business growth but also continued to innovate and introduce several industry-first features, such as spot copy trading and copy trading premium mode.
The number of Bitget employees increased from 1,100 to 1,500, and the number of users grew from 8 million to 20 million. Upholding the principle of customer-centricity, we have taken multiple measures to improve the quality of customer service. In 2023, our customer service team answered inquiries and provided assistance to 600,000 users, helping users recover over 495,000 USDT in assets.
Our business growth supported the outstanding performance of the platform token BGB. In 2023, the price of BGB soared from $0.18 at the beginning of the year to a new high of $0.70499 in December, achieving a stunning growth rate of 291%. In addition, BGB has become one of the top five platform tokens in terms of market capitalization.
Despite the challenges, 2023 was an important node for us to expand our strategic layout and explore investment opportunities, laying the foundation for continuous growth and market consolidation in the future. As market sentiment shifted from speculation to a more rational state, many potential and truly valuable investment opportunities emerged.
Bitget’s $30 million investment in BitKeep (now renamed as Bitget Wallet) represents our strategic layout to expand from centralized finance (CeFi) to decentralized finance (DeFi) business. With the development of the cryptocurrency industry, decentralized systems provide various advantages such as security, transparency, and greater control. Bitget firmly grasps the pulse of the industry, embraces DeFi, develops decentralized cryptocurrency businesses, and strives to meet user demands for long-term development and success in the cryptocurrency market.
In line with our strategic goals, we have also launched the Bitget Web3 Fund and EmpowerX Fund, each with a starting capital of $100 million. The Web3 Fund focuses on supporting Web3-friendly investment funds and excellent Web3 projects, while the EmpowerX Fund focuses on finding suitable ecosystem partners, including localized exchanges, data analysis companies, media organizations, etc., to promote the overall development of our ecosystem in these areas.
Moving steadily forward and expanding continuously, we not only want to be participants but also hope to lead industry trends.
As we enter 2024, the cryptocurrency world will witness more significant developments and breakthroughs. While making predictions about industry trends, we actively adjust our strategic direction according to these trends.
We believe that BRC-20, ARC-20, and Bitcoin scaling solutions are among the most noteworthy areas in 2024.
The upgrade of technology has laid the foundation for the popularity of Bitcoin narratives in 2023, and its value has gradually been discovered by the market. It is expected that in 2024, the Bitcoin ETF approval and the Bitcoin halving market will become the new narratives of the Bitcoin story. BRC-20 assets under the Ordinals protocol, ARC-20 assets under the Atomicals protocol and Realm, PIPE assets under the PIPE protocol, and Bitcoin scaling solutions are worth continuous attention.
Ethereum gas fees will continue to decrease after the Cancun upgrade, benefiting the entire ecosystem. We also have high expectations for Ethereum’s Layer2 and Layer3 ecosystems in 2024.
The Cancun upgrade will enable off-chain data temporary storage and retrieval through Ethereum nodes, meeting the needs of on-chain application data and storage. Currently, 90% of Rollup transaction fees are the storage fees for sending data back to L1, significantly reducing gas costs and providing mature infrastructure for Ethereum’s large-scale customer acquisition.
The combination of AI and blockchain has long-term potential and is worth continuous attention. In 2023, generative AI technologies made impressive breakthroughs and applications, such as AI chatbots and image generators, gaining wide attention from the investment and technology communities. The combination of AI and blockchain is worth noting. ZKML has found a confluence point between AI (machine learning) and cryptography (ZK technology). This technology uses zero-knowledge proof to prove the correctness of machine learning inference without exposing model inputs or parameters, showing great long-term development potential.
We are well aware that challenges and opportunities are intertwined on Bitget’s path to future development. However, there is a glimmer of hope shining ahead, guiding us to move forward. In the development strategy for the next year, we will focus on three key areas: Compliance, Emerging markets, and Web 3.
With the approaching bull market, we believe that 2024 will be an exciting year for builders and investors alike. The bull market has no limit, and together, let’s look forward to the industry’s development and achieve extraordinary results!
For the full content of the open letter, please visit:
https://www.bitget.com/en/blog/articles/2024-crypto-year-open-letter-from-gracy.
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