Bitget Bites (November 02, 2022)

The global market cap is standing at US$1.019 trillion, showing almost no changes from yesterday but the 24-hour volume went down by 17.61% to US$73.25 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,682.76 and US$20,331.63 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20,543.16, which is a 0.09% increase compared to Ethereum’s 0.10% increase.

Altcoin prices are slightly up, with BNB (-1.64%), XRP (+0.49%) and DOGE (+12.02%) being the three altcoins 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$0.19500 and US$0.19267, respectively.

The Top 3 Gainers of The Day are Wemix Network (WEMIX), ConsitutionDAO (PEOPLE), and XEN Crypto (XEN):

1st Place

WEMIXUSDT: Up by 19.25%

Wemix Network is a blockchain dedicated for everything gaming and crypto, from crypto wallet, DEX, NFT marketplace, and game gateways. WEMIX is trading at a current market price of US$1.4603, having touched a high of US$1.6536 and a low of US$1.2231 in the past 24 hours.

2nd Place

PEOPLEUSDT: Up by 19.21%

ConstitutionDAO was formed in 2021 with the sole purpose of purchasing an original ofpy of the U.S. Consitution. PEOPLE is trading at a current market price of US$0.023095, having touched a high of US$0.023380 and a low of US$0.019171 in the past 24 hours.

3rd Place

XENUSDT: Up by 15.68%

XEN Crypto is a Bitcoin-inspired project running on Ethereum that lives up to Satoshi Nakamoto’s core principles of decentralisation, self-custody, transparency and trustlessness. XEN is trading at a current market price of US$0.0002138, having touched a high of US$0.0003898 and a low of US$0.00000834 in the past 24 hours.

Meanwhile, the Top 3 Losers include CUBENETWORKUSDT (-31.58%), TITANUSDT (-24.91%) and X2Y2USDT (-9.88%).

Futures Market Updates

More contracts have been opened, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.96 billion, equivalent to a 1.20% 24-hour decrease. The aggregated futures volume, however, saw an increase of 20.91% to US$1.33 trillion.

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$3.31 billion, which shows a 2.07% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 19.05% to US$136,503.70. 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 40.3%/59.7%. Most BTC long ETFs locked in a price decrease yesterday, but that’s not the case for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$36.05 from the opening price of US$35.89.

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