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Bitget Bites (January 19, 2023)

Bitget Bites (January 19, 2023)

The global market cap is standing at US$967 billion, showing a 3.05% decrease from yesterday but the 24-hour volume went up by 24.50% to US$60.24 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,576 and US$20,533 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,781, which is a 2.50% decrease compared to Ethereum's 3.86% decrease.

Altcoin prices are seeing red, with XRP (-2.61%) being the only altcoin 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$0.1988 and US$0.1934, respectively.

Bitget Bites (January 19, 2023) image 0

The Top 3 Gainers of The Day are Rally (RLY), Gains Network (GNS), and X2Y2 (X2Y2):

1st Place

RLYUSDT: Up by 11.7%

Rally is a social token-oriented protocol that allows creators to launch their own token and build a digital economy around their work. RLY is trading at a current market price of US$0.011052, having touched a high of US$0.011678 and a low of US$0.009851 in the past 24 hours.

2nd Place

GNSUSDT: Up by 7.64%

Gains Network brings its liquidity-efficient decentralized leveraged trading architecture to Polygon. GNS is trading at a current market price of US$3.98276, having touched a high of US$4.05 and a low of US$3.32 in the past 24 hours.

3rd Place

X2Y2USDT: Up by 7.44%

X2Y2, will be a full-featured NFT market at its launch. X2Y2 is trading at a current market price of US$0.10464, having touched a high of US$0.12644 and a low of US$0.09356 in the past 24 hours.

Meanwhile, the Top 2 Losers include FITFIUSDT (-15.83%) and FITFIUSDC (-15.57%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.64 billion, equivalent to a 3.06% 24-hour decrease. The aggregated futures volume saw a 197.14% increase to US$5.84 trillion.

Bitget Bites (January 19, 2023) image 1

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 68% of the total OI, now standing at US$3.20 billion, which shows a 1.62% decrease from yesterday. The daily volume of Bitcoin contracts increased by 52.25% to US$307,679.30. 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 43.76%/56.24%. 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$31.01 from the opening price of US$30.03.

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