Bitget Bites (October 12, 2022)

The global market cap is standing at US$919.37 billion, showing a 0.03% increase from yesterday but the 24-hour volume went down by 12.17% to US$48.43 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,264.71 and US$18,859.49 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,083.65, which is a 0.35% increase compared to Ethereum’s 1.08% increase.

There has been an overall increase in the price of altcoins over the past 24 hours, with XRP (-0.53%) being the only altcoin in the Top 10 trading above the volume of US$2 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.18488 and US$0.18270, respectively.

The Top 3 Gainers of The Day are GM Wagmi (GM), Green Satoshi Token (GST), and Celsius (CEL):

1st Place

GMUSDT: Up by 25.61%

Inspired by the ‘gm’ meme, GM Wagmi is a project created to bring positivity and a sense of community to investors. GM is trading at a current market price of US$0.000007828, having touched a high of US$0.000008684 and a low of US$0.000005455 in the past 24 hours.

2nd Place

GSTUSDT: Up by 13.55%

GST is the native token of Stepn, the Web3 lifestyle app promoting exercises and walking for better health. GST is trading at a current market price of US$0.0257, having touched a high of US$0.0271 and a low of US$0.0226 in the past 24 hours.

3rd Place

CELUSDT: Up by 9.84%

Celsius is a crypto lender that aims to play the role of a bank in the crypto industry. CEL is trading at a current market price of US$0.9860, having touched a high of US$1.0519 and a low of US$0.8549 in the past 24 hours.

Meanwhile, the Top 3 Losers include: XENUSDT (-71.83%), MMETAUSDT (-27.11%) and SKEBUSDT (-18.97%).

Futures Market Updates

Activities on Futures markets are increasing slightly, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.65 billion, equivalent to a 1.44% 24-hour increase. The aggregated futures volume also saw an increase of 9.47% to US$266 billion from yesterday.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$3.79 billion, which is a 1.07% increase from yesterday. The daily volume of Bitcoin contracts decreased by 11.37% to US$170,272.20. 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 33.75%/66.25%. Most BTC long ETFs also locked in a price decrease yesterday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.26 from the opening price of US$38.96.

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