Bitget Bites (October 14, 2022)

The global market cap is standing at US$943.26 billion, showing a 2.98% increase from yesterday and the 24-hour volume went up by 8.92% to US$86.94 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,949.28 and US$18,190.07 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,814.35, which is a 3.81% increase compared to Ethereum’s 3.36% increase.

There has been a significant rise in the price of altcoins over the past 24 hours, with BNB (+2.21%), XRP (+5.88%), ADA (+3.97%) and SOL (+3.92%) being the four altcoins in the Top 10 trading above the volume of US$1 billion.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.18358 and US$0.17495, respectively.

The Top 3 Gainers of The Day are XEN Crypto (XEN), Alchemy Pay (ACH), and MoonDAO (MOONEY):

1st Place

XENUSDT: Up by 49.29%

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$0.000106, having touched a high of US$0.000139 and a low of US$0.000064 in the past 24 hours.

2nd Place

ACHUSDT: Up by 24.12%

Alchemy Pay is an all-in-one payment system integrated with Shopify, checkout.com, QFPay and other big businesses that promises to bring crypto payments to the masses. ACH is trading at a current market price of US$0.012856, having touched a high of US$0.0.013394 and a low of US$0.009971 in the past 24 hours.

3rd Place

MOONEYUSDT: Up by 21.41%

The ultimate goal of MoonDAO is to decentralise access to space by taking advantage of the DAO governance process. MOONEY is trading at a current market price of US$0.004491, having touched a high of US$0.004517 and a low of US$0.0035 in the past 24 hours.

Meanwhile, the Top 3 Losers include: XENUSDT (-29.58%), DERCUSDT (-22.52%) and SHITUSDT (-16.58%).

Futures Market Updates

Activities on Futures markets show excitement, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.90 billion, equivalent to a 6.50% 24-hour increase. The aggregated futures volume also saw an increase of 99.39% to US$325 billion from yesterday.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 68% of the total OI, now standing at US$4 billion, which is a 7.53% increase from yesterday. The daily volume of Bitcoin contracts increased by 127.87% to US$335,572.30. The last cycle of funding rate (-0.0100%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, torn at 50.66%/49.34%. Most BTC long ETFs also locked in a big price increase yesterday, except for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.24 from the opening price of US$40.73.

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