• Bitget experiences a 20% increase in new users, with 89% opting to buy Bitcoin in December.

• 23% increase in copy trading on Bitget’s spot market, reflecting growing interest in Bitcoin.

The first week of December 2023 has witnessed an unprecedented phenomenon in the world of cryptocurrencies, particularly on the Bitget platform. With an impressive 19% increase in the value of Bitcoin, which rose from $37,500 to $44,000, reaching its highest value for the year, Bitget has seen a substantial increase in the number of new users as well as trading activity.

This rebound in Bitcoin’s value has been an impetus for a 20% increase in the number of new users on Bitget, compared to the same period in December 2022. Notably, 89% of these users chose to invest in Bitcoin, demonstrating a clear interest and confidence in this cryptocurrency. In addition, 61% of new users focused exclusively on buying Bitcoin.

The trend towards Bitcoin was also reflected in a significant 23% increase in copy trading on the exchange’s spot market compared to the previous month. It is important to mention that this increase is even more remarkable, as copy trading for the spot market was only introduced in January 2023.

In parallel, copy trading for cryptocurrency derivatives has also seen growth, with a 17% increase in users compared to the entire month of December 2022. This data underscores a growing popularity and acceptance of copy trading as a valuable tool in the cryptocurrency world.

The surge in Bitcoin purchases by new Bitget users is not an isolated phenomenon. It is part of a broader context of growing interest in cryptocurrencies, as evidenced by the doubling of Bitcoin-related searches on Google Trends during the same week.

This increased attention is associated with expectations around the potential approval of Bitcoin exchange-traded funds (ETFs) in the United States, which could further democratize cryptocurrency investing and attract a broader segment of investors.

The report also highlights a growing interest in BRC20 tokens. In the first week of December, trading volume in Bitget’s BRC20 Zone accounted for more than half of the total traded in November. This interest is driven by the BRC-20 Ordinals (ORDI) token, which reached a market value in excess of $1 billion, the first in its category to do so.

ETFs, if approved, could generate strong momentum for Bitcoin, possibly leading to a record surge in the coming year. Regardless of ETFs, however, Bitcoin continues to show strong reason to maintain its momentum.

The cryptocurrency’s growing acceptance, combined with its limited supply of 21 million coins, creates a scarcity that increases its value. In addition, the trend of holding coins in long-term wallets, which has been on the rise since 2020, will intensify with the upcoming halving event.