Bitget Bites (October 20, 2022)

Market updates

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2022-10-20 | 5m

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The global market cap is standing at US$915.27 billion, showing a 1.33% decrease from yesterday and the 24-hour volume also went down by 17.53% to US$44.77 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,299.40 and US$18,917.15 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,139.10, which is a 1.27% decrease compared to Ethereum’s 1.90% decrease.

There has been a decrease in the price of altcoins over the past 24 hours, with XRP (-1.31%) being the only altcoin 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$0.19700 and US$0.18839, respectively.

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The Top 3 Gainers of The Day are Perpetual Protocol (PERP), Aptos (APT), and JUST Network (JST):

1st Place

PERPUSDT: Up by 3.79%

Perpetual Protocol is a decentralised futures exchange on Ethereum and xDAI. PERP is trading at a current market price of US$0.5682, having touched a high of US$0.5910 and a low of US$0.5386 in the past 24 hours.

2nd Place

APTUSDT: Up by 3.25%

Aptos is a Layer-1 solution that uses the Move programming language and virtual machine to deliver fast and scalable blockchain. APT is trading at a current market price of US$7.551, having touched a high of US$8.397 and a low of US$6.750 in the past 24 hours.

3rd Place

JSTUSDT: Up by 2.86%

JST is the governance token of JUST Network, a stablecoin system on TRON. JST is trading at a current market price of US$0.029989, having touched a high of US$0.032643 and a low of US$0.028715 in the past 24 hours.

Meanwhile, the Top 3 Losers include: MMETAUSDT (-36.62%), DAOUSDT (-24.51%) and CANTOUSDT (-24.29%).

Futures Market Updates

More contracts were opened yesterday, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.89 billion, equivalent to a 0.17% 24-hour increase. The aggregated futures volume, however, saw a decrease of 23.24% to US$199.84 billion.

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 66% of the total OI, now standing at US$3.9 billion, which is a 0.77% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 8.51% to US$182,737.04. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, bearish at 40.46%/59.54%. Most BTC long ETFs locked in a price decrease yesterday, even the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.56 from the opening price of US$38.70.