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Bitget Bites (December 28, 2022)

Bitget Bites (December 28, 2022)

The global market cap is standing at US$802 billion, showing a 1.38% decrease from yesterday but the 24-hour volume went up by 27.12% to US$28.07 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,890.53 and US$16,576.09 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,602.41, which is a 1.64% decrease compared to Ethereum's 2.37% decrease.

Altcoin prices are seeing red, with no altcoin 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$0.1814 and US$0.1781, respectively.

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The Top 3 Gainers of The Day are iExec (RLC), Gearbox (GEAR), and Tornado Cash (TORN):

1st Place

RLCUSDT: Up by 5.88%

iExec is the leading provider of blockchain-based decentralized computing. RLC is trading at a current market price of US$1.4261, having touched a high of US$1.4326 and a low of US$1.3053 in the past 24 hours.

2nd Place

GEARUSDT: Up by 5.73%

Gearbox is a composable leverage protocol that improves capital efficiency within DeFi by enabling users access to leverage on essentially any protocol. GEAR is trading at a current market price of US$0.01457, having touched a high of US$0.01545 and a low of US$0.01297 in the past 24 hours.

3rd Place

TORNUSDT: Up by 5.73%

Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum. TORN is trading at a current market price of US$4.076, having touched a high of US$4.345 and a low of US$3.637 in the past 24 hours.

Meanwhile, the Top 3 Losers include MITHUSDT (-17.56%), MIRUSDT (-17.02%), and CYCLUBUSDT (-16.81%).

Futures Market Updates

Future activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.53 billion, equivalent to a 3.35% 24-hour decrease. The aggregated futures volume saw a 78.62% increase to US$514 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 66% of the total OI, now standing at US$2.35 billion, which shows a 4.82% decrease from yesterday. The daily volume of Bitcoin contracts increased by 30.54% to US$147,039.78. 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 36.33%/63.67%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$40.06 from the opening price of US$39.59.

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