Bitget Bites (December 7, 2022)

The global market cap is standing at US$854.29 billion, showing a 0.26% decrease from yesterday and the 24-hour volume also went down by 9.24% to US$35.73 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,114.69 and US$16,928.86 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,035.6, which is a 0.21% decrease compared to Ethereum's 0.57% decrease.

Altcoin prices are seeing red, with no 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$0.1888 and US$0.1827, respectively.

The Top 3 Gainers of The Day are Step App (FITFI) and League of Kingdoms (LOKA):

1st Place/2nd Place

FITFIUSDC/FITFIUSDT: Up by 35.38%/34.58%

Step App is creating a gamified metaverse for the fitness economy. FITFI is trading at a current market price of US$0.04951, having touched a high of US$0.05611 and a low of US$0.03275 in the past 24 hours.

3rd Place

LOKAUSDT: Up by 14.64%

League of Kingdoms is one of the world's first blockchain MMO strategy games. LOKA is trading at a current market price of US$0.5072, having touched a high of US$0.5217 and a low of US$0.3916 in the past 24 hours.

Meanwhile, the Top 3 Losers include BENDUSDT (-17.41%), NMRUSDT (-16.21%), and YFIIUSDT (-14.40%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.95 billion, equivalent to a 6.73% 24-hour decrease. The aggregated futures volume saw a 61.07% decrease to US$230 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$2.66 billion, which shows a 6.76% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 28.76% to US$131,848.80. 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 57.38%/42.62%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.45 from the opening price of US$39.43.

Interesting Topics

The State of the Metaverse: How Close Are We To This New Reality? (Part 2)

What is Market Sentiment and Why Is It Important? (Part 1)

Data Story: Merkle Tree Proof-Of-Reserves (PoR)

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