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Bitget Bites (October 26, 2022)

Bitget Bites (October 26, 2022)

The global market cap is standing at US$978.88 billion, showing a 5.00% increase from yesterday and the 24-hour volume also went up by 75.79% to US$91.26 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,411.77 and US$19,242.00 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,255.86, which is a 4.57% increase compared to Ethereum’s 10.34% increase.

Altcoins are seeing a price surge, with XRP (+2.46%) 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$0.20426 and US$0.19600, respectively.

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The Top 3 Gainers of The Day are AFKDAO (AFK), Viberate (VIB), and Ribbon Finance (CMP):

1st Place

AFKUSDT: Up by 37.94%

AFKDAO is a decentralised bank for staking, lending and earning game-based NFTs. AFK is trading at a current market price of US$0.01600, having touched a high of US$1.00000 and a low of US$0.00702 in the past 24 hours.

2nd Place

VIBUSDT: Up by 10.53%

Viberate’s mission is to create an interconnected music ecosystem on blockchain. VIB is trading at a current market price of US$0.08137, having touched a high of US$0.08907 and a low of US$0.06153 in the past 24 hours.

3rd Place

CMPUSDT: Up by 8.48%

Set to improve the current metaverse experience Caduceus Metaverse Protocol promises to bring edge rendering to the decentralised world. CMP is trading at a current market price of US$0.121690, having touched a high of US$0.124599 and a low of US$0.110001 in the past 24 hours.

Meanwhile, the Top 2 Losers include: TAMAUSDT (-35.02%) and MMETAUSDT (-30.34%).

Futures Market Updates

Activities on the futures markets are contracting, with the Open Interest (OI) of all cryptocurrencies now recorded at US$6.36 billion, equivalent to a 4.61% 24-hour increase. The aggregated futures volume also saw an increase of 45.88% to US$248 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 67% of the total OI, now standing at US$4.29 billion, which shows a 5.15% increase from yesterday. The daily volume of Bitcoin contracts increased by 60.56% to US$249,918.30. The last cycle of funding rate (-0.0088%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, extremely bearish at 35.86%/64.14%. Most BTC long ETFs locked in a significant price increase yesterday, but that’s not the case for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$36.31 from the opening price of US$38.24.

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