Bitget Bites (November 28, 2022)
The global market cap is standing at US$818.40 billion, showing a 2.59% decrease from yesterday but the 24-hour volume went up by 32.25% to US$44.85 billion. Our report on activities of the Spot Market and Futures Market are below:
Spot Market Updates
Bitcoin has been trading between US$16,600.08 and US$16,083.02 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,198.53, which is a 2.14% decrease compared to Ethereum's 3.78% decrease.
Altcoin prices are mostly in the red, with DOGE (+8.01%) 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$0.1960 and US$0.1894, respectively.
The Top 3 Gainers of The Day are Italian Football Federation Fan Token (ITA), The Protocol (THE), and Flux (FLUX):
ITAUSDT: Up by 6.64%
Italian Football Federation Fan Token or $ITA is a utility token that gives Italian National Team fans a tokenized share of influence on the club. ITA is trading at a current market price of US$1.4532, having touched a high of US$1.4654 and a low of US$1.3265 in the past 24 hours.
THEUSDT: Up by 5.50%
The Protocol ($THE) is an ERC20 meme token that is inspired by Vitalik Buterin, co-founder of ETH. THE is trading at a current market price of US$0.00388274, having touched a high of US$0.004081 and a low of US$0.00304324 in the past 24 hours.
FLUXUSDT: Up by 4.52%
Flux is the new generation of scalable decentralised cloud infrastructure. FLUX is trading at a current market price of US$0.54047, having touched a high of US$0.72968 and a low of US$0.45507 in the past 24 hours.
Meanwhile, the Top 3 Losers include VRAUSDT (-16.79%), BETAUSDT (-14.70%), and EVMOSUSDT (-12.26%).
Futures Market Updates
Futures activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.63 billion, equivalent to a 2.16% 24-hour decrease. The aggregated futures volume saw an increase of 224.65% to US$584 billion.
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$2.40 billion, which shows a 1.27% decrease from yesterday. The daily volume of Bitcoin contracts increased by 33.17% to US$160,178.62. 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 39.95%/60.05%. 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$41.20 from the opening price of US$41.48.