Bitget Bites (August 29, 2022)

The global market cap is standing at US$954.99 billion, showing a 1.28% decrease from yesterday and the 24-hour volume was down by 16.09% to US$54.48 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,600.79 and US$20,139.05 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,744.58, which is a 0.95% decrease compared to Ethereum’s 2.51% decrease.

There has also been a decline (-21.08%) in the volume of our spot market. There has been a decrease in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (+0.67%), XRP (-3.20%), and ADA (-3.21%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15923 and US$0.14510, respectively.

The Top 3 Gainers of The Day are Euler (EUL), Celsius (CEL), and Zebec Protocol (ZBC).

1st Place

EULUSDT: Up by 17.43%

Euler is a permissionless lending protocol that allows users to earn interest on their crypto assets or hedge against volatile markets without relying on a trusted third party. Euler includes previously unseen DeFi innovations such as permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, and much more. With a current market cap of $81,962,138.90 and 24 hour trading volume of US$112,337.84, touching a low of US$7.3476 and a high of US$8.9449 in the past 24 hours, EUL is trading at a current market price of $8.9449.

2nd Place

CELUSDT: Up by 9.43%

Celsius (CEL) is a cryptocurrency-specific banking and financial services platform. It was launched in June 2018 and offers rewards for cryptocurrency deposits, as well as services such as loans and wallet-style payments. With a current market cap of $306,343,691.65 and a 24-hour trading volume of US$493,698.47, touching a low of US$1.0473 and a high of US$1.3496 in the past 24 hours, CEL is trading at a current market price of US$1.2481.

3rd Place

ZBCUSDT: Up by 6.48%

Zebec is a continuous settlement protocol that allows users to send payments and distributions every second, transforming payroll, cash flow, and token vesting. They are introducing the world's first on-chain payroll product with built-in full tax withholding, as well as the first debit card for Solana wallets. With a current market cap of $16,590,043.74 and a 24 hour trading volume of US$246,691.43, touching a low of US$0.021020 and a high of US$0.024235 in the past 24 hours, ZBC is trading at a current market price of $0.022478.

Meanwhile, the Top 3 Losers include: CSTUSDT (-44.62%), MITUSDT (-22.84%) and VGXUSDT (-17.57%).

Futures Market Updates

Activities on Futures markets are slightly down with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.18 billion, equivalent to a 1.65% decrease from yesterday. The aggregated futures volume also saw a decrease of 30.87% to US$159 billion in the last 24 hours.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounted for 68% of the total OI, now standing at US$2.85 billion, a 2.06% decrease from the previous day. The daily volume of Bitcoin contracts declined by 0.38% to US$161,187.70. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, bullish at 61.19%/38.81%. Most BTC long ETFs locked in a small price decrease on Friday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$37.81 from the opening price of US$35.61.

Interesting Topics

What is MVRV Z-Score?

Trading 101: A Guide to Cryptocurrency Fundamental Analysis

Smart Trader Tool: Bitget Futures Grid Trading

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