Bitget Bites (July 14, 2022)

The global market cap is standing at US$902.25B, showing a 3.54% increase from yesterday but the 24-hour volume was up by 32.85% to US$73.75B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$$18,999.95 –>US$20,361.12 within the last 24 hours. As of 3:30 AM UTC, BTC price is standing at US$20,126.11, which is a 2.23% decrease compared to Ethereum’s 3.04% decrease.

There has been an increase in the volume and price of altcoins over the past 24-hour, with so many altcoins trading above $1B, in order of hierarchy we have SOL (+4.32%) XRP (+2.60%), and BCH (+2.71%). These three coins have retained the top 3 spots for 72-hours.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.14814 and US$0.13912 , respectively.

The Top 3 Gainers of The Day are Betafinance (BETA), Wilder world (WILD) and Polygon (MATIC).

1st Place

BETAUSDT: Up by 53.04%

Beta Finance is a permissionless money market on Ethereum for borrowing, lending and shorting crypto assets. It allows users to access a scalable and accessible money market where tokens can be listed permissionlessly and automatically and where users can short these tokens. With a current market price of $66,244,502.04M and a trading volume of $77,509,722.94M, BETA is trading at acurrent market price of $0.1379.

2nd place

WILDUSDT: Up by 19.88%

WILD is the native token of Wilder World and serves as the governance token for the Wilder DAO (Decentralized Autonomous Organization). These tokens will be used as voting mechanisms for Wilder stakeholders, as well as to incentivize the expansion of the Wilder Metaverse; from new protocols and services to the development of fully virtual people, places, and things. With a current market cap of $21,474,101.83M and trading volume of $2,868,111.85M, WILD is trading at acurrent price of $0.2569.

3rd Place

MATICUSDT: Up by 17.50%

MATIC is the native cryptocurrency of the Polygon network and is used to help drive development across the network and can be used for staking and paying for transaction fees. Users can earn MATIC tokens by providing computational resources and services to the Polygon network. With a current market cap of $5,211,282,716.30B and trading volume of $1,217,928,309.13B, MATIC is trading at a current market price of $0.6514.

Meanwhile, the Top 3 Losers include: FIO (-15.28%), BRW (-13.92%) and GST (-13.60%).

Futures Market Updates

The tides are changing in the Futures market. Today’s Open Interests (OI) of all cryptocurrencies are recorded at US$3.18B, which is equivalent to a 7.80% increase from yesterday and the 24-hours aggregated volume of all contracts at US$185B (+16.35%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for two-thirds of the total OI at US$2.12B while the daily volume of Bitcoin contracts only stood at US$358,527.30. The last cycle of funding rate (-0.0100%) demonstrates a buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly leaning towards bullish at 40.62%/59.38%. Most Bitcoin ETFs saw a positive 1-day change, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$41.24 compared to the opening price of US$42.58. We can see that institutional and retail investors are torn again between bullish and bearish.

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