Bitget Bites (January 10, 2023)

2023-01-10

The global market cap is standing at US$847 billion, showing a 0.03% decrease from yesterday but the 24-hour volume went up by 44.65% to US$42.18 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,390.34 and US$17,166.32 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,198.67, which is a 0.01% decrease compared to Ethereum's 1.11% increase.

Altcoin prices are trading in a mix of red and green, with XRP (-1.07%) 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$0.1864 and US$0.1827, respectively.

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The Top 3 Gainers of The Day are Cult DAO (CULT), The T token (T), and Moons (MOON):

1st Place

CULTUSDT: Up by 14.56%

Cult DAO, is the tradable and liquid token of CULT DAO. CULT is trading at a current market price of US$0.000009226, having touched a high of US$0.000009533 and a low of US$0.000007108 in the past 24 hours.

2nd Place

TUSDT: Up by 6.55%

The T token is both a utility token for the Threshold Network and a governance token for the Threshold DAO. T is trading at a current market price of US$0.01838, having touched a high of US$0.0211 and a low of US$0.01687 in the past 24 hours.

3rd Place

MOONUSDT: Up by 6.36%

Moons from Reddit are ERC-20 Tokens given as rewards for an individual's contributions to r/CryptoCurrency either via posts or comments etc. MOON is trading at a current market price of US$0.08126, having touched a high of US$0.08497 and a low of US$0.07398 in the past 24 hours.

Meanwhile, the Top 3 Losers include DAOUSDT (-17.10%), BONKUSDT (-12.41%), and NAPUSDT (-11.06%).

Futures Market Updates

Future activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.86 billion, equivalent to a 11.48% 24-hour decrease. The aggregated futures volume saw a 81.59% increase to US$746 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 65% of the total OI, now standing at US$2.54 billion, which shows a 11.05% decrease from yesterday. The daily volume of Bitcoin contracts increased by 11.58% to US$181,725.59. 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 66.7%/33.3%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.16 from the opening price of US$38.14.