Bitget Bites (July 12, 2022)

The global market cap is standing at US$886.9B, showing a 3.41% decrease from yesterday. In addition, the 24-hour volume was down by 0.45% to US$53.53B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,823.56 and US$20,664.82 within the last 24 hours. As of 3:30 AM UTC, BTC price is standing at US$20,029.92, which is a 3.47% decrease compared to Ethereum’s 5.90% decrease.

There has been a decrease in the volume and price of altcoins over the past 24 hours, with only two altcoins trading above US$1B BCH (-5.04%) XRP (-3.36%), and SOL (-6.09%) coming behind and trading above US$800M.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.14890 and US$0.14200, respectively.

The Top 3 Gainers of The Day are Openblox (OBX), CRIPCO (IP3) and Loopring (LRC). Two out of these coins are NFT-related products.

1st Place

OBXUSDT: Up by 83.40%

A Blox is unlike characters in traditional games truly yours. All Blox exist as Non-Fungible Tokens (NFTs) on blockchain empowering you to freely trade them with other players, and move them across NFT marketplaces such as OpenSea. OpenBlox is EVM-based, and therefore compatible with all chains supporting EVM. With a current market trading volume of $534,331.22, OBX is trading at a current market price of $0.008278.

2nd place

IP3USDT: Up by 7.87%

As the world’s first industry-led DAO NFT platform, it brings together industry stakeholders, brands, artists, influencers, platforms (and others) in the governance of CRIPCO. That way, customers can be assured of the quality, exclusivity, value and utility of their NFTs. with a current trading volume of $23,671,760.08, IP3 is trading at a current price of $1.11534.

3rd Place

LRCBTC: Up by 4.41%

Loopring (LRC) is an Ethereum token that describes itself as “an open-source, audited, and non-custodial exchange protocol.” The protocol aims to allow anyone to build non-custodial, decentralized exchanges on top of it by leveraging zero-knowledge proofs (ZKPs), a popular means of enhancing privacy in cryptocurrency. With a current market cap of $524,609,338.04 and a trading volume of $133,358,912.13, Loopring is trading at a current price of $0.3935.

Meanwhile, the Top 3 Losers include: OBX (-20.70%), LIFE (-17.95%) and MOONEY (-14.12%).

Futures Market Updates

The Futures market is slowing down. Today’s Open Interests (OI) of all cryptocurrencies are recorded at US$2.97B, which is equivalent to a 5.11% decrease from yesterday and the 24-hours aggregated volume of all contracts at US$167B (+34.68%).

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$1.97B while the daily volume of Bitcoin contracts only stood at US$238,148.90. The last cycle of funding rate (0.0100%) demonstrates a neutral sentiment.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly leaning towards bullish at 54.58%/45.42%. Most Bitcoin ETFs saw a negative 1-day change, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$39.70 compared to the opening price of US$39.62. We can see that institutional sentiment was slightly different from retail sentiment, i.e. less bullish in the last 24 hours.

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