Market updates

Bitget Bites (January 9, 2023)

Beginner

2023-01-09 | 5m

The global market cap is standing at US$847 billion, showing a 2.97% increase from yesterday and the 24-hour volume also went up by 72.75% to US$29.15 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,241.65 and US$16,924.86 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,200.76, which is a 1.55% increase compared to Ethereum's 3.64% increase.

Altcoin prices are going strong, with no 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$0.1865 and US$0.1827, respectively.

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The Top 3 Gainers of The Day are Stader (SD), Canto (CANTO), and Solana (SOL):

1st Place

SDUSDT: Up by 28.06%

Stader token is the native governance and value accrual token for Stader. SD is trading at a current market price of US$0.8474, having touched a high of US$0.887 and a low of US$0.4701 in the past 24 hours.

2nd Place

CANTOUSDT: Up by 13.54%

Canto presents the radical notion that core DeFi primitives should exist as Free Public Infrastructure (FPI). CANTO is trading at a current market price of US$0.1137, having touched a high of US$0.1137 and a low of US$0.09540 in the past 24 hours.

3rd Place

SOLUSDT: Up by 10.7%

Solana is a highly functional open source project that banks on blockchain technology's permissionless nature to provide decentralized finance (DeFi) solutions. SOL is trading at a current market price of US$16.019, having touched a high of US$16.75 and a low of US$13.265 in the past 24 hours.

Meanwhile, the Top 3 Losers include BONKUSDT (-16.82%), AFKUSDT (-10.00%), and WINGUSDT (-8.57%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.36 billion, equivalent to a 20.99% 24-hour increase. The aggregated futures volume saw a 30.08% increase to US$411 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 65% of the total OI, now standing at US$2.85 billion, which shows a 20.15% increase from yesterday. The daily volume of Bitcoin contracts increased by 129.64% to US$162,862.85. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 28.02%/71.98%. Most BTC long ETFs locked in a price increase last Friday, but that's not the case for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.84 from the opening price of US$39.33.