Bitget Bites (August 2, 2022)

The global market cap is standing at US$1.049T, showing a 3.44% decrease from yesterday and the 24-hour volume was UP by 4.04%% to US$74.72B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$22,793.99 and US$23,464.79 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,904.00, which is a 2.11% decrease compared to Ethereum’s 6.36%.

There has been a decrease in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1B, in order of market cap and volume we have XRP (-2.42%), ADA (-4.13%), and SOL (-5.73%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.15268 and US$0.15014 , respectively.

The Top 3 Gainers of The Day are Orca (ORCA), XDC Network (XDC) and Celsius (CEL).

1st Place

ORCAUSDT: Up by 25.02%

ORCA is a Solana token that governs the Orca decentralized exchange. Orca aims to enable low-fee, near-instant token swaps using an automated market maker (AMM) model. On the exchange, users supply tokens to “ liquidity pools” and algorithms set market prices based on supply and demand. With a current market cap of $23,904,135.38 and trading volume of $6,438,437.82, ORCA is trading at a current market price of $1.14.

2nd place

XDCUSDT: Up by 12.61%

While the XDC Network was purpose-built to be enterprise-ready—it's an enterprise-ready blockchain for everyone. An EVM-compatible, Layer 1 protocol, the XDC Network allows for seamless deployment of Layer 2 tokens via Origin, a no-code tokenization dApp, and through a number of other developer-friendly network tools. With a current market cap of $358,616,554.34 and trading volume of $4,807,725.04, XDC is trading at a current market price of $0.02915.

3rd Place

CELUSDT: Up by 10.39%

Celsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users. Launched in June 2018, it offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments. Users of the platform receive regular payouts and interest on their holdings. With a current market cap of $286,192,706.76 and trading volume of $14,435,346.25, CEL is trading at a current market price of $1.18.

Meanwhile, the Top 3 Losers include: FIOUSDT (-23.56%), KNO TUSDT (-19.31%), WOMBATUSDT (-16.35%)

Futures Market Updates

Activities on Futures markets continued to contract, with the Open Interests (OI) of all cryptocurrencies now recorded at US$3.68B, equivalent to a 9.14% decrease from yesterday. The 24-hours aggregated volume of all contracts is standing at US$197B (-29.64%).

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for only 59% of the total OI at US$2.37B while the daily volume of Bitcoin contracts only stood at US$198,104.70. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now leaning towards bullish at 63.44%/36.56%. Monday was red for most Bitcoin ETFs, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$34.25 compared to the opening price of US$34.

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