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Bitget Bites (October 24, 2022)

Bitget Bites (October 24, 2022)

The global market cap is standing at US$933.35 billion, showing a 1.03% increase from yesterday and the 24-hour volume also went up by 41.76% to US$46.98 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,691.78 and US$19,076.85 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,316.24, which is a 0.91% increase compared to Ethereum’s 2.71% increase.

Altcoins are showing more green than red, with XRP (-0.62%) 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$0.21800 and US$0.19619, respectively.

Bitget Bites (October 24, 2022) image 0

The Top 3 Gainers of The Day are Canto (CANTO), Litentry (LIT), and Euler Finance (EUL):

1st Place

CANTOUSDT: Up by 6.36%

Canto is a free public Layer-1 blockchain that pushes for accessibility, transparency and freedom. CANTO is trading at a current market price of US$0.24125459, having touched a high of US$0.25635995 and a low of US$0.21152989 in the past 24 hours.

2nd Place

LITUSDT: Up by 5.76%

Litentry is a decentralized cross-chain identity aggregator, meaning that user identities across several networks are linked together, in one place, for wide adoption. LIT is trading at a current market price of US$0.7471, having touched a high of US$0.7699 and a low of US$0.6626 in the past 24 hours.

3rd Place

EULUSDT: Up by 4.62%

Users of Euler can lend and/or borrow permissionlessly against almost any digital asset. EUL is trading at a current market price of US$7.0182, having touched a high of US$7.0801 and a low of US$6.5142 in the past 24 hours.

Meanwhile, the Top 3 Losers include: XENUSDT (-26.99%), VRAUSDT (-10.01%) and SOCUSDT (-8.51%).

Futures Market Updates

Activities on the futures markets are contracting, with the Open Interest (OI) of all cryptocurrencies now recorded at US$6.13 billion, equivalent to a 2.51% 24-hour increase. The aggregated futures volume, however, saw a decrease of 3.25% to US$149 billion.

Bitget Bites (October 24, 2022) image 1

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$4.08 billion, which shows no change from yesterday. The daily volume of Bitcoin contracts increased by 81.23% to US$151,374.00. The last cycle of funding rate (-0.0002%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, extremely bullish at 75.33%/24.67%. Most BTC long ETFs locked in a price increase on Friday, but that’s not the case for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.57 from the opening price of US$39.13.

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