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Bitget Bites (December 21, 2022)

Bitget Bites (December 21, 2022)

The global market cap is standing at US$810 billion, showing a 0.69% increase from yesterday but the 24-hour volume went down by 1.74% to US$34.06 billion. Our report on activities of the Spot Market and Futures Market are below:


Spot Market Updates

Bitcoin has been trading between US$17,026.84 and US$16,692.25 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,836.33, which is a 0.71% increase compared to Ethereum's 1.55% increase.


Altcoin prices are seeing both green and 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$0.1886 and US$0.1825, respectively.

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The Top 3 Gainers of The Day are Mithril (MITH), Loom Network (LOOM), and XEN Crypto (XEN):


1st Place

MITHUSDT: Up by 8.18%

Mithril is a decentralized social media platform on the Ethereum Blockchain that rewards users for creating content. MITH is trading at a current market price of US$0.00489, having touched a high of US$0.00594 and a low of US$0.00429 in the past 24 hours.


2nd Place

LOOMUSDT: Up by 6.92%

Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. LOOM is trading at a current market price of US$0.04664, having touched a high of US$0.04773 and a low of US$0.0422 in the past 24 hours.


3rd Place

XENUSDT: Up by 6.79%

XEN Crypto is an ERC-20 token built on the Ethereum blockchain. XEN is trading at a current market price of US$0.000003377, having touched a high of US$0.000003505 and a low of US$0.000002147 in the past 24 hours.


Meanwhile, the Top 3 Losers include BTCSTUSDT (-26.06%), PUMLXUSDT (-18.97%), and NPTUSDT (-13.54%).


Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.14 billion, equivalent to a 8.65% 24-hour increase. The aggregated futures volume saw a 65.51% decrease to US$404 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$2.82 billion, which shows a 7.87% increase from yesterday. The daily volume of Bitcoin contracts decreased by 10.58% to US$169,593.34. 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 43.88%/56.12%. 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$39.41 from the opening price of US$39.77.


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