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Bitget Bites (August 4, 2022)

Bitget Bites (August 4, 2022)

The global market cap is standing at US$1.075T, showing a 1.44% increase from yesterday and the 24-hour volume was down by 13.61% to US$65.80B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$22,790.66 and US$23,578.65 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,087.92, which is a 0.08% increase compared to Ethereum’s 2.18% increase.

There has been an increase in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1B, in order of market cap and volume we have XRP (+1.84%), ADA (+1.27%), and SOL (+2.18%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15366 and US$0.14953, respectively.

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The Top 3 Gainers of The Day are Euler finance (EUL), Optimism (OP) and Wemix (WEMIX).

1st Place

EULUSDT: Up by 30.97%

Euler Finance is a decentralized, permissionless lending protocol custom-built to improve capital efficiency and reduce the risks associated with lending and borrowing volatile, long-tail crypto assets. With a current market cap of $14,420,832.49 and trading volume of $3,491,861.96, EUL is trading at a current market price of $6.16.

2nd place

OPUSDT: Up by 20.97%

Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.With a current market cap of $492,175,039.58 and trading volume of $806,875,682.18, OP is trading at a current market price of $2.08.

3rd Place

WEMIXUSDT: Up by 18.38%

Wemix is a blockchain based Global Gaming Platform developed by Wemade Tree that issubsidiary company of WEMADE as its flagship blockchain gaming services arm. “Wemix” is a platform for gaming dApps providing users with wallets and marketplace for digital assets (fungible tokens, non-fungible tokens). Wemix envisions to nurture a blockchain gaming ecosystem with users’ “experiential value” at the core while existing blockchain gaming projects are just focused on digital asset exchange. With a current market cap of $368,208,969.65, and a trading volume of $287,662,928.85. WEMIX is trading at a current market price of $2.97.

Meanwhile, the Top 3 Losers include: NXDUSDT (-17.57%), USDSPUSDT (-17.37%) MI TUSDT (-16.89%)

Futures Market Updates

Activities on Futures markets continued to contract, with the Open Interests (OI) of all cryptocurrencies now recorded at US$3.62B, equivalent to a +1.00% increase from yesterday. The 24-hours aggregated volume of all contracts is standing at US$141B (-13.57%).

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for 65% of the total OI at US$2.33B while the daily volume of Bitcoin contracts only stood at US$211,751.30. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now leaning towards bullish at 55.18%/44.82%. For the first time since July, all Bitcoin long ETFs ended the day in green. The highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI) closed at US$33.47 compared to the opening price of US$33.76.

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