Bitget Bites (July 19, 2022)

The global market cap is standing at US$1.025T, showing a 4.48% increase from yesterday and the 24-hour volume was up by 75.30% to US$108.43B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,487.54 and US$22,795.04 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,977.64, which is a 2.81% increase compared to Ethereum’s 7.81% increase.

There has been an increase in the volume and price of altcoins over the past 24Hr, with so many altcoins trading above $1bn, in order of hierarchy we have XRP (-0.76%%), ADA (+3.94%), and SOL (+4.77%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15072 and US$0.14413, respectively.

The Top 3 Gainers of The Day are Orca (ORCA), Yield Guild Games (YGG) and UFO Gaming (UFO).

1st Place

ORCAUSDT: Up by 35.65%

ORCA is a Solana token that governs the Orca decentralized exchange. Orca aims to enable low-fee, near-instant token swaps using an automated market maker (AMM) model. On the exchange, users supply tokens to “ liquidity pools” and algorithms set market prices based on supply and demand. With a current market cap of $27,940,510.06 and trading volume of $6,262,881.17, ORCA is trading at current market price of $1.34.

2nd place

YGGUSDT: Up by 17.47%

Yield Guild Games (YGGs) is a decentralized autonomous organization (DAO) that invests in virtual world non-fungible tokens (NFTs). The organization's objective is to develop the world's largest virtual economy, optimize its assets to maximize utility and share revenues with its stakeholders. With a curent market cap of $104,152,761.38 and trading volume of $53,378,001.57, YGG is trading at acurrent market price of .$0.8909.

3rd Place

UFOUSDT: Up by 22.71%

UFO Gaming is a pioneering gaming company founded by a team of gaming and crypto enthusiasts with years of experience in these fields; passionate about taking the gaming industry to the next level by unleashing the tremendous potential of blockchain upon it. With a current market cap of $51,632,251.03 and trading volume of $8,816,423.77, UFO is trading at a current market price of $0.000002005.

Meanwhile, the Top 3 Losers include: USDSP (-34.84%), XDC (-16.67%) and OBX (-16.51%).

Futures Market Updates

The Open Interests (OI) of all cryptocurrencies have slightly declined, now recorded at US$3.57B, which is equivalent to a 2.72% decrease from yesterday and the 24-hours aggregated volume of all contracts at US$288B (+67.44%).

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 outstanding contracts at US$2.34B while the daily volume of Bitcoin contracts only stood at US$338,027.50. The last cycle of funding rate (0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly showing bearish signs at 53.32%/46.68%. There was a sell-off for one-third of all Bitcoin ETFs, where some experienced an upsurge of more than 100% in volume. The highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI) ended the day at US$37.28 compared to the opening price of US$36.13. We expect that institutional trend will follow the overall sentiment when the market opens today.

Interesting Topics

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What is Yield Farming, the rocket fuel of De-Fi, and how do you start it?

What is the Proof-Of-Stake (PoS)? How is it different from Proof-of-Work (PoW)?

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