Market updates

Bitget Bites (January 11, 2023)

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2023-01-11 | 5m

The global market cap is standing at US$854 billion, showing a 0.80% increase from yesterday but the 24-hour volume also went down by 17.62% to US$34.74 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,507.77 and US$17,193.2 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,412.34, which is a 1.27% increase compared to Ethereum's 0.74% increase.

Altcoin prices are seeing green, 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$0.1848 and US$0.1806, respectively.

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The Top 3 Gainers of The Day are Polymath (POLY), The Protocol (THE), and Illuvium (ILV):

1st Place

POLYUSDT: Up by 11.75%

POLY is an ERC-20 token that aims to facilitate the creation and management of security tokens on the Polymath platform. POLY is trading at a current market price of US$0.1626, having touched a high of US$0.1632 and a low of US$0.1437 in the past 24 hours.

2nd Place

THEUSDT: Up by 9.33%

The Protocol is a meme token inspired by a tweet from Vitalik Buterin, the co-founder of ETH. THE is trading at a current market price of US$0.00136327, having touched a high of US$0.00171848 and a low of US$0.00119702 in the past 24 hours.

3rd Place

ILVUSDT: Up by 7.85%

Illuvium is an open-world fantasy battle game built on the Ethereum blockchain. ILV is trading at a current market price of US$48.72, having touched a high of US$49.8 and a low of US$42.11 in the past 24 hours.

Meanwhile, the Top 2 Losers include TSUKAUSDT (-15.26%) and BENDUSDT (-12.26%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.03 billion, equivalent to a 4.32% 24-hour increase. The aggregated futures volume saw a 105.19% increase to US$1.53 trillion.

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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$2.63 billion, which shows a 3.88% increase from yesterday. The daily volume of Bitcoin contracts decreased by 10.18% to US$163,216.86. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 69.41%/30.59%. Most BTC long ETFs locked in a price increase yesterday, but that's not the case for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$37.5 from the opening price of US$37.97.