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Bitget Bites (January 18, 2023)

Bitget Bites (January 18, 2023)

The global market cap is standing at US$998 billion, showing a 1.15% increase from yesterday but the 24-hour volume went down by 4.43% to US$48.38 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,396 and US$21,070 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,313, which is a 0.89% increase compared to Ethereum's 1.52% increase.

Altcoin prices are seeing green, with XRP (+1.94%) 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$0.1999 and US$0.1938, respectively.

Bitget Bites (January 18, 2023) image 0

The Top 3 Gainers of The Day are Shiba Inu Coin (SHIB), Galxe (GAL), and Golem Network (GLM):

1st Place

SHIBUSDT: Up by 19.01%

Shiba Inu coin was created anonymously in August 2020 under the pseudonym "Ryoshi." SHIB is trading at a current market price of US$0.000012532, having touched a high of US$0.000012948 and a low of US$0.00001041 in the past 24 hours.

2nd Place

GALUSDT: Up by 15.8%

Galxe is the leading Web3 credential data network in the world. GAL is trading at a current market price of US$1.7722, having touched a high of US$1.8855 and a low of US$1.5217 in the past 24 hours.

3rd Place

GLMUSDT: Up by 11.76%

The Golem Network is a decentralized computation network, a new way of distributing redundant computing power to those who are in need of it, on-demand. GLM is trading at a current market price of US$0.2518, having touched a high of US$0.2542 and a low of US$0.2225 in the past 24 hours.

Meanwhile, the Top 2 Losers include CSTUSDT (-9.59%) and NUUSDT (-9.27%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.79 billion, equivalent to a 4.38% 24-hour increase. The aggregated futures volume saw a 355.34% increase to US$1.97 trillion.

Bitget Bites (January 18, 2023) 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$3.25 billion, which shows a 4.09% increase from yesterday. The daily volume of Bitcoin contracts decreased by 13.40% to US$202,089.27. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 44.03%/55.97%. Most BTC long ETFs locked in a 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$30.01 from the opening price of US$30.26.

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