Bitget Bites (November 11, 2022)

2022-11-11

The global market cap is standing at US$859.64 billion, showing a 4.43% increase from yesterday but the 24-hour volume went down by 24.65% to US$142.79 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$18,054.31 and US$16,260.29 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,092.92, which is a 4.06% increase compared to Ethereum’s 5.94% increase.

Altcoin prices are seeing green, with BNB (+4.67%), XRP (+9.68%), ADA (+4.85%), DOGE (+9.25%) and MATIC (+21.63%) being the five altcoins in the Top 10 trading above the volume of US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.1904 and US$0.1780, respectively.

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The Top 3 Gainers of The Day are Land of Conquest (SLG), Italian Football Federation Fan Token (ITA), and Chain Token (XCN):

1st Place

SLGUSDT: Up by 28.88%

Land of Conquest is a brand new on-chain NFT large-scale SLG online game based on Wasteland World War. SLG is trading at a current market price of US$0.01508, having touched a high of US$0.01553 and a low of US$0.01088 in the past 24 hours.

2nd Place

ITAUSDT: Up by 8.94%

Italian Football Federation Fan Token or $ITA is a utility token that gives Italian National Team fans a tokenized share of influence on the club. ITA is trading at a current market price of US$2.4416, having touched a high of US$2.5446 and a low of US$1.6901 in the past 24 hours.

3rd Place

XCNUSDT: Up by 8.02%

Chain Token is the governance and utility token for the Chain Protocol. XCN is trading at a current market price of US$0.04769, having touched a high of US$0.04788 and a low of US$0.03926 in the past 24 hours.

Meanwhile, the Top 2 Losers include AURYUSDT (-33.63%) and MSO LUSDT (-24.29%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.74 billion, equivalent to a 9.24% 24-hour decrease. The aggregated futures volume saw a decrease of 24.80% to US$391 billion.

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Bitcoin remained the most popular underlying asset for Futures traders and, without a doubt, the most liquid market: Bitcoin OI Dominance accounts for 66% of the total OI, now standing at US$2.47 billion, which shows a 9.78% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 18.60% to US$390,846.42. 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 43.71%/56.29%. Most BTC long ETFs locked in a 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$39.40 from the opening price of US$42.24.