Bitget Bites (November 18, 2022)

The global market cap is standing at US$840.34 billion, showing a 1.03% increase from yesterday but the 24-hour volume went down by 12.71% to US$52.44 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,947.06 and US$16,460.68 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,901.33, which is a 1.72% increase compared to Ethereum’s 0.99% increase.

Altcoin prices are still dipping in the green, with XRP (+1.28%) being the only altcoin 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$0.1798 and US$0.1768, respectively.

The Top 3 Gainers of The Day are The Protocol (THE), SafePal (SFP), and Coin98 (C98):

1st Place

THEUSDT: Up by 13.60%

The Protocol is an ERC20 meme token that is inspired by Vitalik Buterin. THE is trading at a current market price of US$0.00398069, having touched a high of US$0.00477914 and a low of US$0.00239285 in the past 24 hours.

2nd Place

SFPUSDT: Up by 13.14%

SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto management platform for the masses. SFP is trading at a current market price US$0.7789, having touched a high of US$0.8132 and a low of US$0.6274 in the past 24 hours.

3rd Place

C98USDT: Up by 6.73%

Coin98 is an all-in-one DeFi Platform that aims to fulfil untapped demand in the industry and become a gateway bridging TradFi users to any DeFi services on multiple blockchains. C98 is trading at a current market price of US$0.2791, having touched a high of US$0.2841 and a low of US$0.2560 in the past 24 hours.

Meanwhile, the Top 3 Losers include MOVEZUSDT (-21.07%), VRAUSDT (-18.89%), and SRMUSDT (-14.56%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.38 billion, equivalent to a 0.53% 24-hour increase. The aggregated futures volume saw a decrease of 47.00% to US$157 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 65% of the total OI, now standing at US$2.21 billion, which shows a 0.85% increase from yesterday. The daily volume of Bitcoin contracts increased by 0.68% to US$191,896.83. 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 53.17%/46.83%. Most BTC long ETFs locked in a slight price increase yesterday, but that is not the case for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$41.65 from the opening price of US$42.45.

Interesting Topics

The Complete Guide to USDC-Margined Futures on Bitget

Answers to The Most Common Bitcoin-related Questions

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