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Bitget Bites (August 3, 2022)

Bitget Bites (August 3, 2022)

The global market cap is standing at US$1.060T, showing a 1.04% increase from yesterday and the 24-hour volume was UP by 1.93%% to US$76.16B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$22,710.08 and US$23,415.04 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,930.16, which is a 0.03% decrease compared to Ethereum’s 2.60% increase.

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$1B, in order of market cap and volume we have XRP (+9.19%), ADA (+8.20%), and SOL (+5.85%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.15299 and US$0.15132, respectively.

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The Top 3 Gainers of The Day are Ribbon finance (RBN), Alpaca Finance (ALPACA) and USD Sports (USDSP).

1st Place

RBNUSDT: Up by 54.47%

RBN is an Ethereum token that governs Ribbon Finance, a decentralized finance protocol designed to generate yield by combining options, futures, and fixed income to improve a portfolio's risk-return profile. RBN is the protocol's governance token and can be used to vote on the future of the platform. With a current market cap of $64,087,038.80 and trading volume of $6,538,040.62, RBN is trading at a current market price of $0.3937.

2nd place

ALPACAUSDT: Up by 26.30%

Alpaca Finance is a Decentralized Finance platform (DeFi) with a credit-based mechanism. As the name implies, users can utilize Leverage Yield Farming to increase their token yields by borrowing others' money. With a current market cap of $45,253,518.81 and trading volume of $59,436,236.87, ALPACA is trading at a current market price of $0.3151.

3rd Place

USDSPUSDT: Up by 11.91%

USD Sports is a utility token created as an exclusive currency to operate on the USD Sports platform, our proprietary Exchange for trading sports tokens. USD Sports is developed using PoS (Proof of Stake) technology, one of the most significant elements of contemporary blockchain architecture. USDSP is trading at a current market price of $0.154111.

Meanwhile, the Top 2 Losers include: NYMUSDT (-14.52%), CUBENETWORKUSDT (-14.20%)

Futures Market Updates

Activities on Futures markets continued to contract, with the Open Interests (OI) of all cryptocurrencies now recorded at US$3.58B, equivalent to a 2.61% decrease from yesterday. The 24-hours aggregated volume of all contracts is standing at US$163B (-29.64%).

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for 63% of the total OI at US$2.32B while the daily volume of Bitcoin contracts only stood at US$196,998.95. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now leaning towards bullish at 52.79%/47.21%. Following yesterday’s overall bullish sentiment, most Bitcoin ETFs ended the day in green, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed at US$34.32 compared to the opening price of US$34.5 and a 45% decrease in volume.

Interesting Topics

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What Is Volatility?

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