Bitget Bites (August 9, 2022)

The global market cap is standing at US$1.125 trillion, showing a 1.94% increase from yesterday and the 24-hour volume was up by 76.76% to US$74.65 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,431.84 and US$24,203.69 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,888.41, which is a 2.09% increase compared to Ethereum’s 3.21% increase.

There has been a huge increase (+118.37%) in the volume of our spot market. There has been a slight decrease in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have XRP (+0.53%), ADA (-0.22%), and SOL (+0.83%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.16477 and US$0.16330, respectively.

The Top 3 Gainers of The Day are Ren Protocol (REN), BabyDoge Coin (BABYDOGE), and Celsius (CEL).

1st Place

RENUSDT: Up by 29.47%

Ren (REN) is an Ethereum token that powers Ren's open protocol for transferring cryptocurrencies between blockchains. Ren aims to bring popular assets like Bitcoin and Zcash to blockchains including Ethereum, making it possible for these assets to participate in a multi-chain decentralized finance ecosystem. With a current market cap of $194,033,937.13 and a trading volume of $205,130,956.30, REN is trading at a current market price of $0.1948.

2nd Place

BABYDOGEUSDT: Up by 26.03%

Baby Dogecoin is a crypto asset created by the online Dogecoin community. According to its website, “Baby Doge seeks to impress his father by showing his new, improved transaction speeds and adorableness. With a current market cap of $176,835,346.66 and a trading volume of $7,863,539.12, BABYDOGE is trading at a current market price of $0.000000001542.

3rd Place

CELUSDT: Up by 18.87%

Celsius Network is a P2P decentralized lending borrowing platform. CEL (ERC20 Degree Token) is the backbone of the Celsius Network, creating a value-driven lending and borrowing platform for all of their members. With a current market cap of $484,333,980.13 and a trading volume of $21,915,969.14, CEL is trading at a current market price of $2.02.

Meanwhile, the Top 3 Losers include: SHITUSDC (-22.76%), FIUUSDT (-20.50%), and FIOUSDT (-20.04%).

Futures Market Updates

Activities on Futures markets are slowly increasing, with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.34B, equivalent to a +9.42% increase from yesterday. The 24-hours aggregated volume of all contracts is standing at US$209B (+45.23%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance jumped to 70% of the total OI at US$2.79B and the daily volume of Bitcoin contracts surged by 69.41% to US$195,108.61. The last cycle of funding rate (-0.0100%) demonstrates a buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, currently extremely bearish at 27.12%/72.88%. Shares of most BTC long ETFs, was somewhat conflicting, with half the funds decreased slightly, except for the Grayscale Bitcoin Trust (GBTC) and the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI). Both ended Monday with an increase, GBTC by 1.68% and BITI by 0.80%.

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