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Bitget Bites (November 09, 2022)

Bitget Bites (November 09, 2022)

The global market cap is standing at US$903.30 billion, showing a 10.39% decrease from yesterday but the 24-hour volume went up by a whopping 128.94% to US$213.61 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,582.24 and US$17,603.54 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$18,205.93, which is a 10.74% decrease compared to Ethereum’s 15.31% decrease.

Altcoin prices are seeing red, with BNB (-6.28%), XRP (-13.98%), ADA (-8.73%), DOGE (-21.62%) and MATIC (-15.57%) being the five 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$0.2001 and US$0.1849, respectively.

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The Top 3 Gainers of The Day are SolanaPrime (PRIME), AFKDAO (AFK), and GuildFi (GF):

1st Place

PRIMEUSDT: Up by 12.41%

SolanaPrime is the first VC DAO and launchpad for the next generation of GameFi and DeFi projects on the Solana ecosystem. PRIME is trading at a current market price of US$0.2979, having touched a high of US$0.3500 and a low of US$0.2650 in the past 24 hours.

2nd Place

AFKIUSDT: Up by 9.53%

AFKDAO is a decentralised bank for staking, lending and earning game-based NFTs. AFK is trading at a current market price of US$0.01298, having touched a high of US$0.01387 and a low of US$0.01180 in the past 24 hours.

3rd Place

GFUSDT: Up by 9.11%

GuildFi is a Web3 infrastructure that connects games, NFTs, guilds and communities. GF is trading at a current market price of US$0.1594, having touched a high of US$0.1935 and a low of US$0.1413 in the past 24 hours.

Meanwhile, the Top 3 Losers include GOOUSDT (-47.76%), FTTUSDT (-37.23%), and THEUSDT (-35.68%).

Futures Market Updates

Futures activities are heated, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.48 billion, equivalent to a 8.74% 24-hour increase. The aggregated futures volume saw a massive increase of 86.55% to US$541 billion.

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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$2.98 billion, which shows a 8.36% increase from yesterday. The daily volume of Bitcoin contracts increased by 175.59% to US$534,949.40. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now somewhat balanced at 50.56%/49.44%. Most BTC long ETFs locked in a huge 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$39.97 from the opening price of US$37.51.

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