Bitget Bites (September 2, 2022)

The global market cap is standing at US$987.96 billion, showing a 0.85% increase from yesterday but the 24-hour volume was down by 6.86% to US$62.84 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,572.19 and US$20,291.05 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,165.00, which is a 0.32% increase compared to Ethereum’s 0.59% increase.

There has also been a decrease (-5.46%) in the volume of our spot market. There has been an increase 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 (-0.04%), XRP (+2.59%), and ADA (+2.46%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15792 and US$0.15160, respectively.

The Top 3 Gainers of The Day are Contents Shopper Token (CST), Euler (EUL), and Stargate Finance (STG).

1st Place

CSTUSDT: Up by 30.64%

CST utilizes a basket of fiat-pegged stablecoins and is algorithmically stabilized by its reserve currency CST. CST facilitates programmable payments and open financial infrastructure development. With a 24-hour trading volume of US$41,971.63, touching a high of US$0.01170 and a low of US$0.00386 in the past 24 hours, CST is trading at a current market price of US$0.00783.

2nd Place

EULUSDT: Up by 8.92%

Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party. With a current market cap of US$80,588,403.13 and a 24-hour trading volume of US$99,266.40, touching a high of US$11.0106 and a low of US$7.3361 in the past 24 hours, EUL is trading at a current market price of US$7.9875.

3rd Place

STGUSDT: Up by 7.45%

Stargate Finance is a cross-chain bridge solution built on LayerZero that makes cross-chain token trading easy, simple, and seamless between various blockchains. With a current market cap of US$89,738,003.14 and a 24 hour trading volume of US$120,078.00, touching a high of US$0.7072 and a low of US$0.5957 in the past 24 hours, STG is trading at a current market price of US$0.6756.

Meanwhile, the Top 3 Losers include: MOONEYUSDT (-16.59%), NXDUSDT (-13.42%) and XDCUSDT (-12.83%).

Futures Market Updates

Activities on Futures markets are expanding with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.36 billion, equivalent to a 13.25% increase from yesterday. However, the aggregated futures volume saw a decrease of 14.44% to US$154 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 went down to 67% of the total OI, now standing at US$2.93 billion, an 8.92% increase from the previous day. The daily volume of Bitcoin contracts increased by 15.54% to US$223,809.30. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, leaning towards bearish at 50.47%/49.53%. Most BTC long ETFs locked in a price decrease yesterday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.11 from the opening price of US$38.83.

Interesting Topics

Bitget Pop Grab Tutorial

Futures Fees: Calculation in Detail

Blockchain101: Introduction to DApps

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