The managing director of Bitget, Gracy Chen, has published an open letter describing her reflections on the past year and her predictions for the crypto industry in 2024.
Bitget and the crypto forecasts for 2024 by managing director Gracy Chen
In an open letter, the managing director of crypto-exchange Bitget, Gracy Chen, has described her predictions for the crypto industry in 2024.
“We enter 2024 with a summary of the #crypto journey in 2023: victories, challenges, and exciting developments. Discover the crucial events that drive the market’s path! Dive into @GracyBitget to discover the news of this year!”
Specifically, Chen wanted to first greet 2023 by listing the most interesting events of the year that have generally influenced the cryptocurrency sector.
After highlighting the successes of Bitget in this 2023 context, Chen then spoke about his predictions for 2024, describing that the crypto landscape is ready for new significant developments.
Bitget resilient in 2023: the milestones achieved by the crypto-exchange
Following the open letter step by step, Chen wanted to recall the general events that occurred during the year.
Among the many, Chen remembers the collapse of traditional banks like Silicon Valley Bank and Signature Bank that occurred at the beginning of 2023, which prompted investors to increase the demand for crypto assets. Other crucial events were the transition of Ethereum (ETH) from Proof-of-Work to Proof-of-Stake, as well as the rise of Liquid Staking Derivatives (LSD) and projects like Lido, which saw a surge in Total Value Locked (TVL).
Not only that, another significant event of this year concerns the demand for ETFs on Bitcoin spot from asset management giants like BlackRock, Fidelity.
In this context, Chen highlighted the resilience of Bitget which in 2023 managed to focus entirely on spot trading, achieving a 94% surge in terms of volumes. This was made possible also thanks to the introduction of as many as 355 new coin listings.
Bitget has also seen its flagship product, copy trading, grow, reaching over 130,000 Elite Traders on the platform with over 680,000 cumulative followers. The profits from copied trades have reached $450 million, with elite traders earning approximately $23 million in additional profits compared to their usual earnings.
Another success for the crypto-exchange is the increase in both its employees (from 1,100 to 1,500) and its user base globally (from 8 to 20 million).
Even Bitget Token (BGB) seems to have recorded a price increase of 291% at the end of the year. In fact, BGB started at $0.18, and reached its all-time high of $0.70 in December.
Bitget’s crypto forecast for 2024
In addition to the milestones achieved in 2023, Chen continues his speech highlighting the strategies undertaken by the crypto-exchange.
Among many, the managing director has highlighted the $30 million investment in BitKeep, now Bitget Wallet, as a representation of the strategic transition of Bitget from CeFi to DeFi.
Not only that, for Bitget it is also important to give social impetus to the sector, in order to reshape the global financial landscape and empower individuals with the transformative power of Web3. In this regard, there is the charitable project Blockchain4Youth.
Anyway, looking at 2024, Chen essentially predicts that three trends will occur:
- BRC-20, ARC-20 and scalability of Bitcoin will be the key sectors to keep an eye on in 2024;
- The reduction of gas fees will boost the ETH ecosystem with the Cancun upgrade;
- The long-term potential will be revealed by the combination of AI and blockchain.
In this sense, Chen shares that the development strategy for next year will focus on three critical areas:
- compliance;
- emerging markets;
- Web3.