Bitget Bites (November 07, 2022)

2022-11-07

The global market cap is standing at US$1.035 trillion, showing a 1.83% decrease from yesterday but the 24-hour volume went up by 1.24% to US$70.44 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,307.43 and US$20,819.34 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,902.73, which is a 1.66% decrease compared to Ethereum’s 2.36% decrease.

Altcoin prices are slightly down, with BNB (-3.93%), XRP (-3.62%), DOGE (-5.86%), and SOL (-10.71%) being the four 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$0.20300 and US$0.19806, respectively.

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The Top 3 Gainers of The Day are CyClub (CYCLUB), Yield Guild Games (YGG), and Cydotori (DOTR):

1st Place

MOONEYUSDT: Up by 53.61%

The ultimate goal of MoonDAO is to decentralise access to space by taking advantage of the DAO governance process. MOONEY is trading at a current market price of US$0.018139, having touched a high of US$0.020230 and a low of US$0.007948 in the past 24 hours.

2nd Place

KUNCIUSDT: Up by 18.39%

KunciCoin is a Layer 2 solution built on Solana that supports NFT Marketplace, Metaverse, DeFi, and retail penetration. KUNCI is trading at a current market price of US$0.04050, having touched a high of US$0.04501 and a low of US$0.02969 in the past 24 hours.

3rd Place

CYCLUBUSDT: Up by 15.80%

CyClub is a voice-based social network and live broadcasting hub in Korea. CYCLUB is trading at a current market price of US$0.003189, having touched a high of US$0.003898 and a low of US$0.002666 in the past 24 hours.

Meanwhile, the Top 2 Losers include DOTRUSDT (-18.10%) and ABBCUSDT (-14.41%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.83 billion, equivalent to a 13.31% 24-hour decrease. The aggregated futures volume saw a slight increase of 0.32% to US$443 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 66% of the total OI, now standing at US$3.20 billion, which shows a 13.88% decrease from yesterday. The daily volume of Bitcoin contracts increased by 20.90% to US$132,256.00. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 63.18%/36.82%. 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$34.77 from the opening price of US$35.20.