In Bitget's latest report for February 2024, we can read about its impressive growth. The number of users of the platform exceeded 25 million and the value of its native token BGB reached more than $1. This rapid growth of the market was clearly visible despite the fact that February was shorter than usual and coincided with the celebration of the Lunar New Year.

Lunar New Year and its impact on financial markets

As a key holiday in Chinese culture, the Lunar New Year has a significant impact on the economy, especially in Asia. While direct sources focus mainly on logistics and the holiday's impact on supply chains and local economies, general conclusions can be drawn about the impact of the Lunar New Year on financial markets.
During the Lunar New Year vacation in China and other Asian countries, trading and investment activity decreases due to companies and financial institutions closing and many people taking vacations to spend time with their families. This can lead to lower trading volumes in financial markets and temporary volatility in asset prices, especially those related to Asia. Global markets may also be affected due to economic and financial interconnectedness.

Bitget development

Analyzing data from CoinGecko, we can see that spot trading volume on Bitget has increased by more than 21%, while trading volume on the futures market has increased by 22%. These optimistic market trends have contributed to a significant increase in the user base, which now numbers over 25 million. At the same time, the value of the BGB token increased by 64%, breaking the $1 barrier in February and reaching an all-time high of $1.15.
In an effort to continuously expand its offerings and provide users with a wide range of trading options, Bitget introduced 39 new tokens. Five of them have seen impressive price increases of more than 1,000%. Two tokens in particular stand out - QnA3.AI ($GPT) and Pixels (PIXEL). Each of them rose in price by more than 5,000%.
February saw impressive growth in artificial intelligence, thanks in large part to the launch of OpenAI's Sora model, which revolutionized the creative capabilities of AI and captured the market's attention. The growing enthusiasm can be seen in the fact that the volume of AI deals on the Bitget platform has increased by 400%, demonstrating the consistently high investor interest in advances in AI technology.
The appointment of Alvin Kahn as Chief Operating Officer of Bitget Wallet represents a key strategy to accelerate the company's global growth and innovation. With a wealth of experience in senior leadership roles at high-level organizations, Kahn is uniquely qualified to lead Plafrom as it continues to grow.
Gracie Chen, Managing Director of Bitget, expressed enthusiasm for the company's unprecedented growth:
25 million users is a milestone that, combined with our strategic growth and innovation, underscores our commitment to offering the most dynamic and secure trading environment for our users. As we celebrate this achievement, we will continue to strive to push the boundaries in the world of cryptocurrencies and Web3. Brilliant prospects await us, and this is just the beginning of our journey."

About Bitget

Bitget is one of the world's leading cryptocurrency exchanges and Web3 companies. Serving more than 20 million users from over 100 countries, Bitget facilitates smart trading through its innovative copying feature and a range of other trading tools. Bitget Wallet, formerly known as BitKeep, is a comprehensive multi-chain cryptocurrency wallet that offers users access to a wide range of Web3 solutions and features. The exchange works with trusted partners, such as legendary Argentine soccer player Lionel Messi and cybersports event organizer PGL, to promote the use of cryptocurrencies around the world.