Bitget Bites (July 27, 2022)

The global market cap is standing at US$970.09B, showing a 0.23% increase from yesterday and the 24-hour volume was down by 18.07% to US$62.30B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,776.82 and US$21,266.10 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,252.85, which is a 0.46% increase compared to Ethereum’s 1.62% increase.

There has been a decrease in the volume of altcoins and a slight increase in price over the past 24 hours, with so many altcoins trading below the volume of US$1B, in order of market cap and volume we have XRP (+0.93%%), ADA (-0.69%), and SOL (+2.79%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15041 and US$0.14496 , respectively.

The Top 3 Gainers of The Day are Terraclassic Usd (USTC), XDC Network (XDC) and Rally (RLY).

1st Place

USTCUSDT: Up by 17.34%

TerraUSD (UST) is the decentralized and algorithmic stablecoin of the Terra blockchain. It is a scalable, yield-bearing coin that is value-pegged to the US Dollar. With a current market cap of $375,556,856.43 and trading volume of $24,961,331.34, USTC is trading at a current market price of $0.03829.

2nd place

XDCUSDT: Up by 15.84%

XDC Network is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XDC Network is powered by the native coin called XDC. The XDC protocol is architected to support smart contracts, 2000TPS, 2seconds transaction time, KYC to Masternodes (Validator Nodes). With a current market cap of $333,821,778.90 and trading volume of $3,732,018.49, XDC is trading at a current market price of $0.02711.

3rd Place

RLYUSDT: Up by 15.67%

RLY is the network's utility and governance token with a maximum supply of 15 billion to be released over eight years. Token holders can use RLY to participate in governance, earn rewards by depositing RLY into a liquidity pool, and use it to convert to and from Creator Coins. With a current market cap of $133,418,978.22 trading volume of $9,979,772.70, RLY is trading at a current market price of $0.003.

Meanwhile, the Top 3 Losers include: USDPSP (-23.26%), CULT (-17.79%), WILD (-17.42)

Futures Market Updates

The Open Interests (OI) of all cryptocurrencies went up slightly, now recorded at US$3.45B, which is equivalent to a +2.99% decline from yesterday and the 24-hours aggregated volume of all contracts at US$156B (+32.20%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for 68% of the total OI at US$2.28B while the daily volume of Bitcoin contracts only stood at US$181,454.50. The last cycle of funding rate (0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now leaning towards bullish at 44.19%/55.81%. Yesterday was red for most Bitcoin ETFs, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$38.10 compared to the opening price of US$38.04. Volume of Bitcoin ETFs also saw a huge jump yesterday - 90% and above - and, in the extreme case of Simplify U.S. Equity PLUS GBTC ETF (SPBC), an increase was recorded at 1818X.

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