Bitget Bites (September 28, 2022)

2022-09-28

The global market cap is standing at US$915.39 billion, showing a 5.77% decrease from yesterday but the 24-hour volume went up by 12.75% to US$93.61 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$18,553.30 and US$20,338.46 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$18,729.76 which is a 6.83% decrease compared to Ethereum’s 7.06% decrease.

There has also been an increase (+3.61%) in the volume of our spot market. There has been a significant decrease in the volume and price of altcoins over the past 24 hours, with several altcoins trading below the volume of US$1 billion, in order of market cap and volume we have BNB (-4.95%), ADA (-5.90%) and XRP (-10.47%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.2032 and US$0.1863 respectively.

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The Top 3 Gainers of The Day are Celsius Token (CEL), Volt Inu Token (VOLT) and GM Wagmi Token (GM):

1st Place

CELUSDT: Up by 6.00%

Celsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. With a 24-hour trading volume of US$173,942.63, touching a high of US$1.6378 and a low of US$1.3298 in the past 24 hours, CEL is trading at a current market price of US$1.5343.

2nd Place

VOLTUSDT: Up by 5.68%

Volt Inu (VOLT) is a highly deflationary token on the Ethereum blockchain that keeps growing through the use of true deflationary techniques and additional revenue generation. With a 24-hour trading volume of US$102,415.24, touching a high of US$0.0000007900 and a low of US$0.0000005328 in the past 24 hours, VOLT is trading at a current market price of US$0.0000006314.

3rd Place

GMUSDT: Up by 4.74%

GM Wagmi is a meme coin based on the popular “gm” meme that has taken social media, especially Crypto Twitter, by storm in 2021. With a 24-hour trading volume of US$64,466.12, touching a high of US$0.000006520 and a low of US$0.000005166 in the past 24 hours, GM is trading at a current market price of US$0.000005671.

Meanwhile, the Top 3 Losers include: MMETAUSDT (-62.80%), JNSUSDT (-14.10%) and LIKEUSDT (-13.92%).

Futures Market Updates

Activities on Futures markets are declining with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.27 billion, equivalent to a 6.56% decrease. And the aggregated futures volume saw a significant decrease of 34.93% to US$272 billion from yesterday.

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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 69% of the total OI, now standing at US$2.93 billion, which is a 5.48% decrease from yesterday. The daily volume of Bitcoin contracts increased by 11.77% to US$298,148.10. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, bearish at 31.81%/68.19%. Most BTC long ETFs also locked in a price decrease yesterday , except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.14 from the opening price of US$36.98.