Bitget Bites (December 20, 2022)
The global market cap is standing at US$804 billion, showing a 0.38% decrease from yesterday but the 24-hour volume went up by 54.31% to US$34.65 billion. Our report on activities of the Spot Market and Futures Market are below:
Spot Market Updates
Bitcoin has been trading between US$16,801.16 and US$16,382.07 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,715.72, which is a 0.25% increase compared to Ethereum's 0.94% increase.
Altcoin prices are struggling in the aftermath of last weekend's plunge, with XRP (-1.04%) 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$0.1842 and US$0.1799, respectively.
The Top 3 Gainers of The Day are Argentine Football Association Fan Token (ARG), Immutable X (IMX), and Synthetix (SNX):
1st Place
ARGUSDT: Up by 9.65%
The ARG Fan Token allows Argentinian National Football Team fans to have a tokenized share of influence on club decisions. ARG is trading at a current market price of US$3.0123, having touched a high of US$3.6674 and a low of US$2.5918 in the past 24 hours.
2nd Place
IMXUSDT: Up by 6.27%
Immutable X positions itself as the first layer-two scaling solution for NFTs on Ethereum. IMX is trading at a current market price of US$0.4587, having touched a high of US$0.4723 and a low of US$0.4088 in the past 24 hours.
3rd Place
SNXUSDT: Up by 5.86%
Synthetix is a decentralised finance (DeFi) protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. SNX is trading at a current market price of US$1.6254, having touched a high of US$1.6381 and a low of US$1.5128 in the past 24 hours.
Meanwhile, the Top 2 Losers include MITHUSDT (-15.56%) and PSGUSDT (-15.21%).
Futures Market Updates
Future activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.81 billion, equivalent to a 9.69% 24-hour increase. The aggregated futures volume saw a 39.88% decrease to US$1.17 trillion.
Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 69% of the total OI, now standing at US$2.62 billion, which shows a 10.44% increase from yesterday. The daily volume of Bitcoin contracts increased by 53.96% to US$189,663.28. 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 68.17%/31.83%. 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$40.34 from the opening price of US$39.97.
Interesting Topics
Bitget’s DCA Strategy: A Hands-on Tutorial
Bitget Hot Takes (December 12 - December 18)
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