Bitget Bites (October 11, 2022)

Market updates

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2022-10-11 | 5m

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The global market cap is standing at US$919.10 billion, showing a 2.01% decrease from yesterday but the 24-hour volume went up by 70.11% to US$55.15 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,441.84 and US$18,955.80 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,015.70, which is a 1.90% decrease compared to Ethereum’s 3.27% decrease.

There has been an overall increase in the price of altcoins over the past 24 hours, with XRP (-6.72%) being the only altcoin in the Top 10 trading above the volume of US$1 billion.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.18430 and US$0.18280 respectively.

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The Top 3 Gainers of The Day are UST Classic (USTC), Ribbon Finance (RBN), and Ginoa (GINOA):

1st Place

USTCUSDT: Up by 26.51%

UST Classic is the algorithmic stablecoin of Terra LUNA Classic. With the new burn mechanism for LUNA Classic, the community is hoping for the repeg of USTC in the foreseeable future. USTC is trading at a current market price of US$0.055738, having touched a high of US$0.058160 and a low of US$0.036591 in the past 24 hours.

2nd Place

RBNUSDT: Up by 6.68%

Ribbon Finance is an Ethereum-based project that offers options trading and unsecured lending products. RBN is trading at a current market price of US$0.2861, having touched a high of US$0.2919 and a low of US$0.2622 in the past 24 hours.

3rd Place

GINOAUSDT: Up by 6.35%

Quinoa is a platform that provides users with NFTs’ fair price information as well as a marketplace for the direct swapping of NFTs. GINOA is trading at a current market price of US$0.5916, having touched a high of US$0.8213 and a low of US$0.5356 in the past 24 hours.

Meanwhile, the Top 3 Losers include: PRIMEUSDT (-23.58%), XENUSDT (-20.77%) and MHUNTUSDT (-19.48%).

Futures Market Updates

Activities on Futures markets are contracting, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.57 billion, equivalent to a 0.91% 24-hour increase. The aggregated futures volume also saw an increase of 56.77% to US$243 billion from yesterday.

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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 67% of the total OI, now standing at US$3.75 billion, which is a 0.27% decrease from yesterday. The daily volume of Bitcoin contracts increased by 69.85% to US$192,114.70. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, slightly bullish at 47.94%/52.06%. Most BTC long ETFs also locked in a price decrease yesterday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.81 from the opening price of US$38.36.