Over the past year, BMX experienced a 57.9% price increase and a 56.8% market cap growth, bringing its total market capitalization to $262 million. BitMart fulfilled its commitment outlined in the BMX whitepaper, repurchasing approximately 5,672,978 BMX tokens in 2024, with a total value of $2,034,343. In 2024, BMX introduced several new features, including staking, small asset conversion, P2P trading, IEO subscriptions, and stake-to-list. These additions further enriched BMX’s use cases, providing users with more opportunities for returns and greater participation in platform activities.
1. 2024 Crypto Market Review
At the beginning of the year, capitalizing on the momentum generated by the previous year’s bull market, BTC achieved a peak price of $73,881 in March. Nevertheless, despite the occurrence of its halving event in April, the market did not transition into a sustained upward trajectory. Instead, it underwent a significant decline in June, resulting in an extended period of adjustment. The primary catalysts in the first half of the year included the approval of an ETF for both Bitcoin and Ethereum, as well as the halving event. While the introduction of the ETF attracted institutional investment and enhanced the recognition of cryptocurrency assets within traditional financial markets, the halving event, despite lacking immediate positive impacts, is anticipated to substantially increase the value of Bitcoin over the long term. The market correction observed in June was precipitated by numerous factors, including Japan’s interest rate hikes, developments surrounding the Mt. Gox compensation case, and the German government’s liquidation of crypto assets, which collectively heightened selling pressure and instigated market panic.
In the latter half of the year, the cryptocurrency market experienced a resurgence of momentum. Expectations regarding interest rate cuts revitalized the market, while the election victory of Donald Trump contributed to a robust recovery, resulting in BTC prices exceeding the $100,000 threshold and reaching a new all-time high of $104,088. Consequently, the total market capitalization of cryptocurrencies and trading volumes witnessed significant increases. In this context, altcoins displayed strong performance, with substantial gains observed in SOL, ETH, XRP, and ADA across various sectors. Trump’s proposed policies — characterized by the easing of regulations, the establishment of national reserves, and the support of mining enterprises — emerged as central themes for market recalibration. This highlights the positive influence of clear regulatory frameworks in enhancing User confidence and fostering growth within the industry.
In contrast to previous years, the participation of institutional users has begun to significantly reshape market dynamics. Bitcoin’s dominance has continued to strengthen, while Ethereum has encountered challenges to its previously monopolistic position due to competition from emerging blockchain technologies and its constrained value capture capabilities. Concurrently, the decline in the popularity of altcoins has facilitated the emergence of the MEME sector as a new focal point within the market. These developments indicate a discernible trend toward diversification within the cryptocurrency industry.
2.BMX Market Performance
Figure 1: Annual Changes in Exchange Platform Tokens’ Prices and Market Capitalizations
(Data Source：CMC、CG)
According to data from CoinMarketCap and CoinGecko, the prices and market capitalizations of platform tokens from major exchanges have exhibited an upward trajectory over the past year, although notable variations in performance have been observed. BMX experienced a price escalation of 57.9% accompanied by a market capitalization increase of 56.8%, culminating in a total market capitalization of $262 million, indicative of consistent growth. Generally, lower-market-cap tokens have experienced substantial benefits due to their smaller baselines, resulting in rapid growth. In contrast, higher-market-cap tokens have demonstrated stable growth, reflecting resilience albeit with comparatively slower rates of increase.
It is worth noting that Trump’s presidency may lead to clearer crypto market regulations, potentially reshaping the global cryptocurrency landscape. This development could significantly impact the future of the crypto industry. The resignation of SEC Chairman Gary Gensler further signals a turning point for crypto enterprises previously targeted by SEC lawsuits. Centralized exchanges, long under SEC scrutiny, are likely to benefit substantially from this leadership change, potentially achieving significant progress in regulatory compliance.
Figure 2: Comparison of Exchange Spot Average Daily Trading Volume and Circulating Market Capitalization Over the Past Year
(Data Source：CMC、CG)
According to data from CoinGecko, the circulating market capitalization of BMX currently amounts to $262 million, a figure that is significantly lower than that of other exchange platform tokens. However, BitMart has demonstrated an average daily spot trading volume of $803 million over the past year. A comparison of BMX’s market capitalization with BitMart’s daily trading volume reveals that the exchange’s trading activity exceeds the valuation of its platform token. Furthermore, both the market capitalization and price of BMX have experienced considerable growth over the last year. This trend indicates that, despite its relatively modest market capitalization, BMX is undergoing heightened market activity and demand, as the broader market gradually starts to acknowledge its potential value.
3.BMX Burn Progress
Figure 3: BMX Burn Progress Table
In accordance with the repurchase mechanism detailed in the BMX whitepaper, BitMart executed the repurchase of approximately 5,672,978 BMX tokens in the year 2024, amounting to a total value of approximately $2,034,343. This series of repurchase initiatives underscores BitMart’s ongoing commitment and confidence in its platform token, BMX. By allocating a portion of its revenue generated from transaction fees towards these repurchases, BitMart has effectively decreased the circulating supply of BMX in the market, thereby contributing to its stability and scarcity.
4.New Features and Activities for BMX in 2024
Figure 4: New BMX Features in 2024
In 2024, BMX introduced a series of new features that substantially enhanced its value and liquidity. The implementation of a staking feature enables users to obtain stable annual returns without facing any entry barriers, thereby attracting a larger number of long-term participants. Additionally, the small asset conversion feature addresses the issue of “dust” balances in user accounts, improving the utility of minor assets while expanding the practical use cases for BMX. Users can also benefit from transaction fee discounts and engage in various platform activities. Furthermore, the establishment of a P2P trading market has rendered BMX trading more adaptable, allowing users to conduct transactions using diverse payment methods, which, in turn, increases the liquidity and market demand for BMX. The listing of BMX on KuCoin signifies an important step in its expansion within the global market, drawing greater interest from users. Additionally, the introduction of the BMX Flash Sale feature has further elevated the exclusive benefits available to holders.
The introduction of the stake-to-list feature has empowered BMX holders to make independent decisions regarding the listing of projects on BitMart, while also benefiting from shared transaction fees and additional advantages. This initiative fosters a sense of collective ownership, enhances decision-making authority, and provides users with control, growth opportunities, and shared responsibilities within the BitMart community.
The recent enhancements to the BMX platform have significantly broadened its range of applications, offering users an increased array of opportunities for investment returns and active participation. With functionalities including staking, conversion, peer-to-peer trading, IEO, and stake-to-list mechanisms, the diverse features of BMX have substantially elevated its market appeal and liquidity. These improvements have not only enriched the user experience but have also contributed to the platform’s growth and adoption within the cryptocurrency market.
Figure 5: New BMX Activities in 2024
In 2024, BMX implemented several strategic initiatives that significantly enhanced its market appeal and user engagement. These initiatives encompassed trading competitions, external collaborations, and community-building programs. The trading competitions incentivized a substantial influx of participants, thereby increasing the liquidity of BMX. External collaborations not only served to promote BMX but also elevated the visibility of related projects. The community-building program recognized and rewarded active members, while also providing essential traffic support. Collectively, these initiatives not only broadened the applications of BMX but also improved its liquidity and market influence. Through this program, BMX fostered user retention, attracted a greater number of dedicated users and community contributors, and bolstered its market activity and long-term growth potential.
6.BMX Value Benefits
– Higher Account Levels and Trading Fee Discounts: BMX holders are eligible for higher account levels and better trading fee rates. The more BMX a user holds, the greater the discount they receive.
– Higher Copy Trading Profit Share: BMX holders qualify for a higher percentage of copy trading profit sharing.
– Participation in Launchpad: BMX holders can participate in BitMart’s exclusive Launchpad and receive free airdrops of newly listed tokens.
– VIP Membership Upgrade Criteria: BitMart offers a lifetime VIP membership plan, and holding BMX is one of the criteria for upgrading.
– Stake-to-List: Users can stake BMX to support their favorite projects and earn rewards.
– Participation in BitMart Products: Users can stake BMX to participate in various products offered by BitMart and earn higher interest rates.
– Ecosystem Payment Token: BMX can be used as a payment token for projects within the BitMart ecosystem.
– Holding Trading Rebate: Invite friends to hold and trade BMX to earn rebates.
Risk Warning:
Use of BitMart services is entirely at your own risk. All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results.
The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. Investing involves risks, and the content should be approached with caution. BitMart does not provide any investment, legal or tax advice.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
