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Bitget Bites (December 12, 2022)

Bitget Bites (December 12, 2022)

The global market cap is standing at US$840 billion, showing a 1.83% decrease from yesterday but the 24-hour volume went up by 24.32% to US$29.53 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,256.59 and US$16,869.54 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,911.94, which is a 1.47% decrease compared to Ethereum's 1.99% decrease.

Altcoin prices are seeing red, with no 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$0.1894 and US$0.1847, respectively.

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The Top 3 Gainers of The Day are LeverFi (LEVER), Caduceus (CMP), and Phoenix (PHB):

1st Place

LEVERUSDT: Up by 9.41%

LeverFi, formerly known as RAMP DEFI, is a decentralised leverage trading platform. LEVER is trading at a current market price of US$0.004138, having touched a high of US$0.005368 and a low of US$0.002186 in the past 24 hours.

2nd Place

CMPUSDT: Up by 8.05%

Caduceus is the world's first decentralised edge rendering metaverse protocol. CMP is trading at a current market price of US$0.1682, having touched a high of US$0.1695 and a low of US$0.1501 in the past 24 hours.

3rd Place

PHBUSDT: Up by 6.01%

Phoenix is a Layer 1 and Layer 2 blockchain infrastructure, empowering intelligent Web3 applications, focusing on the next generation of AI Privacy-Enabled Web3 Apps. PHB is trading at a current market price of US$0.6663, having touched a high of US$0.692 and a low of US$0.6156 in the past 24 hours.

Meanwhile, the Top 3 Losers include HOOKUSDT (-21.09%), AURORAUSDT (-19.45%), and XENUSDT (-12.82%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.08 billion, equivalent to a 14.46% 24-hour increase. The aggregated futures volume saw a 141.72% increase to US$276 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 68% of the total OI, now standing at US$2.79 billion, which shows a 17.20% increase from yesterday. The daily volume of Bitcoin contracts increased by 29.18% to US$121,648.43. 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 45.76%/54.24%. 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$39.22 from the opening price of US$39.06.

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