Bitget Bites (November 23, 2022)

2022-11-23

The global market cap is standing at US$819.15 billion, showing a 3.73% increase from yesterday but the 24-hour volume went down by 5.70% to US$62.25 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,507.31 and US$15,656.61 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,474.05, which is a 3.84% increase compared to Ethereum's 4.70% increase.

Altcoin prices are still in the green, with XRP (+4.36%) 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$0.1816 and US$0.1769, respectively.

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The Top 3 Gainers of The Day are Litecoin (LTCUSDT/LTCUSDC) and Unifi Protocol DAO (UNFI):

1st/2nd Place

LTCUSDT / LTCUSDC: Up by 9.99%/9.86%

Litecoin (LTC) is a fork of Bitcoin created in 2011, a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. LTC is trading at a current market price of US$77.71, having touched a high of US$79.56 and a low of US$60.94 in the past 24 hours.

3rd Place

UNFIUSDT: Up by 8.75%

Unifi Protocol DAO is a group of non-custodial, interoperable multi-chain smart contracts that aims to provide the tools for Decentralised Finance (DeFi) product development. UNFI is trading at a current market price of US$4.6643, having touched a high of US$4.8852 and a low of US$3.8211 in the past 24 hours.

Meanwhile, the Top 3 Losers include JNSUSDT (-23.12%), ARGUSDT (-21.93%), and YFIIUSDT (-13.85%).

Futures Market Updates

Futures activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.36 billion, equivalent to a 2.25% 24-hour increase. The aggregated futures volume saw a decrease of 2.18% to US$278 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$2.20 billion, which shows a 3.30% increase from yesterday. The daily volume of Bitcoin contracts increased by 2.18% to US$245,762.43. 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 54.97%/45.03%. Most BTC long ETFs locked in a slight price increase yesterday, the same goes for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$43.14 from the opening price of US$43.03.