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Bitget Bites (October 28, 2022)

Bitget Bites (October 28, 2022)

The global market cap is standing at US$981.08 billion, showing a 1.95% decrease from yesterday and the 24-hour volume also went down by 14.83% to US$88.10 billion. Our report on activities of the Spot Market and Futures Market are below:


Spot Market Updates

Bitcoin has been trading between US$20,833.44 and US$20,170.59 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,254.05, which is a 2.13% decrease compared to Ethereum’s 2.86% decrease.


Altcoin prices are going down, with XRP (-2.24%), SOL (-2.32%) and DOGE (-2.80%) being the three altcoins 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$0.19999 and US$0.19283, respectively.


Bitget Bites (October 28, 2022) image 0


The Top 3 Gainers of The Day are THE Protocol (THE), UST Classic (USTC), and Italian National Football Team Fan Token (ITA):


1st Place

THEUSDT: Up by 14.30%

THE Protocol is a project inspired by the Ethereum founder’s Twitter idea of a viral protocol name. THE is trading at a current market price of US$0.01028419, having touched a high of US$0.01216992 and a low of US$0.00883139 in the past 24 hours.


2nd Place

USTCUSDT: Up by 11.03%

UST Classic is the algorithmic stablecoin of Terra LUNA Classic. With the new burn mechanism for LUNA Classic, the community is hoping for the repeg of USTC in the foreseeable future. USTC is trading at a current market price of US$0.046222, having touched a high of US$0.047481 and a low of US$0.036814 in the past 24 hours.


3rd Place

ITAUSDT: Up by 10.12%

ITA was released in March 2022 prior to Italy’s World Cup playoff match against North Macedonia, meant to collect fan messages to boost the players’ inspiration. ITA is trading at a current market price of US$3.1894, having touched a high of US$5.9945 and a low of US$2.0000 in the past 24 hours.


Meanwhile, the Top 2 Losers include: WEMIXUSDT (-29.71%) and GVRUSDT (-20.86%).


Futures Market Updates

More short positions may have been liquidated, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.92 billion, equivalent to a 4.67% 24-hour decrease. The aggregated futures volume saw an increase of 11.36% to US$650.35 billion.


Bitget Bites (October 28, 2022) image 1


Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 68% of the total OI, now standing at US$4.01 billion, which shows a 4.90% decrease from yesterday. The daily volume of Bitcoin contracts also decreased by 21.69% to US$181,897.02. Funding rate of the last cycle stands at 0.0000%.


Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now still slightly bullish at 55.86%/44.14%. Most BTC long ETFs locked in a price decrease yesterday, but that’s not the case for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$35.65 from the opening price of US$35.51.


Interesting Topics

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Bitget’s KCGI Full Guide (Part 2)
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Bitget’s KCGI Full Guide (Part 4)


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