Bitget Bites (August 22, 2022)

The global market cap is standing at US$1.024 trillion, showing a 1.26% increase from yesterday but the 24-hour volume was down by 29.39% to US$58.59 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,103.20 and US$21,668.85 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,472.36, which is a 2.68% decrease compared to Ethereum’s 1.53% decrease.

There has also been a decrease (-58.54%) in the volume of our spot market. There has been an increase in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (+3.67%), XRP (+1.02%), and ADA (+1.64%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15722 and US$0.14920, respectively.

The Top 3 Gainers of The Day are FREEdom (FREE), Fight of the ages (FOTA), and XDC NETWORK (XDC).

1st Place

FREEUSDT: Up by 14.24%

The FREEDOM coin is a multi- blockchain coin, with more than 6 million holders on TRON, BinanceSmartChain and Ethereum.The FREEDOM coin offers a DeFi solution on #BSC, FREEDOM coin also developed real world crypto payment solutions for vending machines, webshop and shops. With a current market cap of $3,704,890.75 and a trading volume of $380,841.21, FREE is trading at a current market price of $0.0000003728.

2nd Place

FOTAUSDT: Up by 10.27%

FOTA is a Triple-A MOBA Gaming Project that prioritizes player experience in the Metaverse. To do so, FOTA incorporates Microsoft Mesh - a Microsoft Corporation platform pioneering in creating the most immersive Metaverse experience. Developed by Meta DJINN PTE. LTD, FOTA is a breath of fresh air within the GameFi industry as the project offers high-quality graphics, outstanding variations of game modes, and the most solid, supportive communities. With a current market cap of $1,463,047.65 and a trading volume of $398,091.69, FOTA is trading at a current market price of $0.2244.

3rd Place

XDCUSDT: Up by 7.61%

The XDC Network (formerly called XinFin Network) is an enterprise-grade, EVM-compatible blockchain equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (dPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000 transactions per second (TPS). With a current market cap of $378,131,346.35 and trading volume of $7,100,102.04, XDC is trading at a current market price of $0.03064.

Meanwhile, the Top 3 Losers include: DAOUSDT (-39.25%), TUSDT">CSTUSDT (-21.95%), and STGUSDT (-20.05%).

Futures Market Updates

Activities on Futures markets are slightly expanding with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.31 billion, equivalent to a 3.43% increase from yesterday. The aggregated futures volume saw a decrease of 24.83% to US$279.63 billion in the last 24 hours.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance remained at 68% of the total OI throughout the weekend, now standing at US$2.94 billion. The daily volume of Bitcoin contracts rose by 4.94% to US$155,858.05. The last cycle of funding rate (-0.0100%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, currently bearish at 37.3%/62.7%. Most BTC long ETFs locked in a price decrease, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed Friday at US$36.53 from the opening price of US$36.14.

Interesting Topics

Bitget Hot Takes (August 15 - August 21)

Impermanent Loss and Top 5 Ways to Avoid It

Trading 101: Macroeconomic Factors That Can Affect Crypto Prices

Follow Us For More Insights: Twitter | Telegram | LinkedIn | Facebook | Instagram