Bitget Bites (November 16, 2022)

The global market cap is standing at US$849.88 billion, showing a 0.75% increase from yesterday but the 24-hour volume went down by 24.95% to US$62.07 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,051.96 and US$16,662.80 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,928.46, which is a 0.70% increase compared to Ethereum’s 0.08% increase.

Altcoin prices remain in the green, with BNB (+0.72%) and XRP (+3.61%) being the two altcoins 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$0.1862 and US$0.1807, respectively.

The Top 3 Gainers of The Day are Band Protocol (BAND), Constitution DAO (PEOPLE), and Tamadoge (TAMA):

1st Place

BANDUSDT: Up by 12.39%

Band Protocol is a cross-chain data oracle platform that is able to take real-world data and supply it to on-chain applications. BAND is trading at a current market price of US$2.176, having touched a high of US$2.299 and a low of US$1.890 in the past 24 hours.

2nd Place

PEOPLEUSDT: Up by 9.29%

Constitution DAO was an experiment that has now been dissolved. PEOPLE is trading at a current market price of US$0.02554, having touched a high of US$0.02651 and a low of US$0.02114 in the past 24 hours.

3rd Place

TAMAUSDT: Up by 8.66%

Tamadoge is the gateway token of the Tamaverse. TAMA is trading at a current market price of US$0.02482, having touched a high of US$0.02911 and a low of US$0.01500 in the past 24 hours.

Meanwhile, the Top 3 Losers include REALUSDT (-35.29%), TWTUSDT (-21.36%), and REDUSDT (-17.00%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.42 billion, equivalent to a 0.12% 24-hour increase. The aggregated futures volume saw a decrease of 13.49% to US$247 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, without a doubt, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$2.28 billion, which shows a 0.63% increase from yesterday. The daily volume of Bitcoin contracts decreased by 28.15% to US$224,630.16. 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 53.45%/46.55%. Most BTC long ETFs locked in a slight price increase yesterday, but that is not the case for the highly anticipated ProShares’ BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$41.20 from the opening price of US$41.21.

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