Bitget Bites (November 01, 2022)

2022-11-01

The global market cap is standing at US$1.019 trillion, showing a 0.58% increase from yesterday and the 24-hour volume also went up by 21.71% to US$88.90 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,841.08 and US$20,239.60 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,500.25, which is a 0.03% decrease compared to Ethereum’s 0.56% decrease.

Altcoin prices are slightly up, with BNB (+1.62%), XRP (+0.86%), DOGE (+5.71%) and SOL (+0.69%) 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$0.19556 and US$0.19158, respectively.

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The Top 3 Gainers of The Day are TamaDoge (TAMA), XEN Crypto (XEN), and OpenLeverage (OLE):

1st Place

TAMAUSDT: Up by 28.69%

TAMA is your ticket to Tamaverse, a P2E metaverse game powered by a memecoin. TAMA is trading at a current market price of US$0.029587, having touched a high of US$0.033000 and a low of US$0.017060 in the past 24 hours.

2nd Place

XENUSDT: Up by 21.57%

XEN Crypto is a Bitcoin-inspired project running on Ethereum that lives up to Satoshi Nakamoto’s core principles of decentralisation, self-custody, transparency and trustlessness. XEN is trading at a current market price of US$0.00000911, having touched a high of US$0.00000940 and a low of US$0.00000564 in the past 24 hours.

3rd Place

OLEUSDT: Up by 13.88%

OpenLeverage offers permissionless, margined trading for any trading pairs available on DEXs. OLE is trading at a current market price of US$0.03151, having touched a high of US$0.03404 and a low of US$0.02262 in the past 24 hours.

Meanwhile, the Top 3 Losers include MMETAUSDT (-31.35%), MHUNTUSDT (-19.37%) and TITANUSDT (-13.97%).

Futures Market Updates

More contracts have been opened, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.02 billion, equivalent to a 0.40% 24-hour increase. The aggregated futures volume saw a decrease of 20.86% to US$1.10 trillion.

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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$3.38 billion, which shows a 1.74% decrease from yesterday. The daily volume of Bitcoin contracts increased by 31.31% to US$168,625.90. 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 44.68%/55.32%. 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$36.21 from the opening price of US$35.62.