Bitget Bites (November 08, 2022)

The global market cap is standing at US$1.008 trillion, showing a 2.54% decrease from yesterday but the 24-hour volume went up by 33.64% to US$94.14 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,905.60 and US$19,350.77 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,660.65, which is a 2.35% decrease compared to Ethereum’s 3.21% decrease.

Altcoin prices are seeing red, with BNB (+0.92%), XRP (-4.81%), DOGE (-8.73%) and SOL (-16.28%) being the four altcoins in the Top 10 trading above the volume of US$1 billion.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.20450 and US$0.19341, respectively.

The Top 3 Gainers of The Day are Volt Inu V2 (VOLT), AFKDAO (AFK), and ABBC Coin (ABBC):

1st Place

VOLTUSDT: Up by 12.83%

Volt Inu is created to offer a diverse investment approach consisting of NFTs, nodes, altcoins, staking and farming of stablecoins. VOLT is trading at a current market price of US$0.0000011744, having touched a high of US$0.0000011840 and a low of US$0.0000009796 in the past 24 hours.

2nd Place

AFKUSDT: Up by 12.13%

AFKDAO is a decentralised bank for staking, lending and earning game-based NFTs. AFK is trading at a current market price of US$0.01350, having touched a high of US$0.01900 and a low of US$0.01221 in the past 24 hours.

3rd Place

ABBCUSDT: Up by 6.23%

ABBC Coin aims to elevate retail shopping experience with fast transaction speed and high security thanks to the blockchain infrastructure. ABBC is trading at a current market price of US$0.1963, having touched a high of US$0.2054 and a low of US$0.1768 in the past 24 hours.

Meanwhile, the Top 2 Losers include GOOUSDT (-41.41%) and GSTUSDT (-19.29%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.12 billion, equivalent to a 14.70% 24-hour decrease. The aggregated futures volume saw an decrease of 34.54% to US$290 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$2.75 billion, which shows a 14.06% decrease from yesterday. The daily volume of Bitcoin contracts increased by 46.77% to US$194,110.70. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 61.25%/38.75%. Most BTC long ETFs locked in a price increase 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$35.38 from the opening price of US$35.41.

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