Bitget Bites (July 8, 2022)

The global market cap is standing at US$970.167B, showing a 5.48% increase from yesterday. In addition, the 24-hour volume was up by 11.29% to US$63.7B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$22,509.99 and US$20,841.17 within the last 24 hours. As of 3:30 AM UTC, BTC price is standing at US$22,079.91, which is a 8.07% increase compared to ETH’s 7.10%. Most altcoins are enjoying a slight increase in value, for example Solana/SOL (+3.96%), Ripple/XRP (+8.08%) and Bitcoin Cash/BCH (+5.87%), all had a 24-hours volume of over US$1B. Data is available via CoinMarketCap.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15107 and US$0.14691, respectively.

The Top 3 Gainers of The Day are DFI.Money (YFII), Cult DAO (CULT) and Rally (RLY).

1st Place

YFIIUSDT: Up by 26.15%

MONEY, also known as YFII, is a fork of the popular decentralised finance (DeFi) aggregator platform yearn.finance (YFI). Launched in July 2020, it aims to optimise returns for DeFi investors while adhering to changes proposed in an upgrade plan called YIP-8. With a current market cap of $48,461,909.82 and a trading volume of $254,850,736.81, YFII is trading at a current market price of $1221.89.

2nd place

CULTUSDT: Up by 24.57%

CULT is the tradable and liquid token of CULT DAO. Transacting CULT will contribute to the protocol by filling the DAO treasury slowly to fund investments into decentralised technologies. This is achieved due to a 0.4% collection on all CULT transactions. CULT, once staked into the Cult DAO, becomes dCULT. With a current market cap of $66,903,638.22 and a trading volume of $9,718,188.99 , CULT is trading at a current market price of $0.000016.

3rd Place

RLYUSDT: Up by 23.38%

RLY is an Ethereum token that powers the Rally Network. Rally enables creators and online communities to launch their own cryptocurrencies. By creating these so-called “social tokens,” fans can gain access to benefits like unreleased content or merch, while creators can unlock new forms of revenue. With a current market cap of $152,975,732.07 and a trading volume of $28,847,604.21 , RLY is trading at a current market price of $0.05308.

Meanwhile, the Top 3 Losers include: LIKE (-37.39%), OBX (-26.28%) and LUNR (-25.49%).

Futures Market Updates

The Futures market is bustling with activities. Today’s Open Interests (OI) of all cryptocurrencies are recorded at US$3.32B (+7.79%) and the 24-hours aggregated volume of all contracts at US$194B (+29.33%).

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$2.25B while the daily volume of Bitcoin contracts only stood at US$307,380.05. The last cycle of funding rate (-0.0066%) demonstrates a mild buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly leaning towards bullish at 58.75%/41.25%. 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$37.29 compared to the opening price of US$40.23. We can see that institutional sentiment was not that different from retail sentiment, i.e. the tug-of-war over Bitcoin’s future is still ferocious but the bears are slowly receding.

Interesting Topics

What Is Blockchain Interoperability?

Short-selling Bitcoin — How to Profit From Bear Markets

How to read candlestick charts (Volume 1)

Follow Us For More Insights: Twitter | Telegram | LinkedIn | Facebook | Instagram