Market updates

Bitget Bites (October 17, 2022)

Beginner

2022-10-17 | 5m

The global market cap is standing at US$918.91 billion, showing a 0.27% increase from yesterday and the 24-hour volume went down by 99.93% to a mere US$1.014 million. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,423.13 and US$19,095.05 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,178.47, which is a 0.33% increase compared to Ethereum’s 1.26% increase.

There has been a slight increase in the price of altcoins over the past 24 hours, with XRP (-3.96%) 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$0.18630 and US$0.18075, respectively.

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The Top 3 Gainers of The Day are OG Fan Token (OG), SolRazr (SOLR), and Caduceus Metaverse Protocol (CMP):

1st Place

OGUSDT: Up by 24.16%

OG Fan Token gives esport fans the right to share their opinions on important matters as well as chances for exclusive rewards and experience. OG is trading at a current market price of US$4.6341, having touched a high of US$4.9733 and a low of US$3.7433 in the past 24 hours.

2nd Place

SOLRUSDT: Up by 18.84%

SolRazr is the launchpad platform designed to help Solana developers raise funds. SOLR is trading at a current market price of US$0.05599, having touched a high of US$0.08035 and a low of US$0.03546 in the past 24 hours.

3rd Place

CMPUSDT: Up by 14.06%

Set to improve the current metaverse experience Caduceus Metaverse Protocol promises to bring edge rendering to the decentralised world. CMP is trading at a current market price of US$0.164410, having touched a high of US$0.182634 and a low of US$0.137426 in the past 24 hours.

Meanwhile, the Top 3 Losers include: XENUSDT (-50.79%), MOONEYUSDT (-30.28%) and STIUSDT (-15.16%).

Futures Market Updates

Activities on Futures markets show some excitement, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.54 billion, equivalent to a 0.03% 24-hour increase. The aggregated futures volume also saw an increase of 14.70% to US$212 billion from yesterday.

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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 67% of the total OI, now standing at US$3.71 billion, which is a 0.10% decrease from yesterday. The daily volume of Bitcoin contracts increased by 8.31% to US$114,377.70. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, leaning towards bullish at 51.18%/48.82%. Most BTC long ETFs locked in a big price decrease on Friday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.76 from the opening price of US$37.58.