Bitget Bites (November 03, 2022)

The global market cap is standing at US$1.008 trillion, showing a 1.01% decrease from yesterday, but the 24-hour volume went up by 41.02% to US$103.29 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,798.59 and US$20,061.25 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,347.30, which is a 1.01% decrease compared to Ethereum’s 2.46% decrease.

Altcoin prices are seeing red, with BNB (-0.88%), XRP (-0.74%), DOGE (-7.20%), and SOL (-1.71%) being the four altcoins in the Top 10 trading above the volume of US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.19440 and US$0.18656, respectively.

The Top 3 Gainers of The Day are Arweave Protocol (AR), Gitcoin (GTC), and RSS3 (RSS3):

1st Place

ARUSDT: Up by 51.05%

Arweave Protocol is an information network with permanent storage for Web3. AR is trading at a current market price of US$17.024, having touched a high of US$17.323 and a low of US$9.902 in the past 24 hours.

2nd Place

GTCUSDT: Up by 32.12%

Gitcoin is a programming hub for coders and developers, where GTC is the means of payment for work. GTC is trading at a current market price of US$2.585, having touched a high of US$2.627 and a low of US$1.832 in the past 24 hours.

3rd Place

RSS3USDT: Up by 26.45%

RSS3 is a decentralised information dissemination protocol. RSS3 is trading at a current market price of US$0.1951, having touched a high of US$0.1960 and a low of US$0.1289 in the past 24 hours.

Meanwhile, the Top 3 Losers include XCNUSDT (-18.18%), JNSUSDT (-13.76%), and TAMAUSDT (-13.36%).

Futures Market Updates

More contracts have been opened, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.03 billion, equivalent to a 1.41% 24-hour increase. The aggregated futures volume, however, saw a decrease of 42.93% to US$759 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$3.36 billion, which shows a 1.51% increase from yesterday. The daily volume of Bitcoin contracts increased by 53.74% to US$209,863.10. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 45.3%/54.7%. Most BTC long ETFs locked in a price decrease yesterday, but that’s not the case for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$36.44 from the opening price of US$36.12.

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