Bitget Bites (November 17, 2022)

The global market cap is standing at US$831.86 billion, showing a 2.13% decrease from yesterday and the 24-hour volume went down by 3.22% to US$60.08 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,960.30 and US$16,430.11 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,614.81, which is a 1.85% increase compared to Ethereum’s 4.00% increase.

Altcoin prices are sitting in the green, with XRP (+1.28%) being the only altcoin 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$0.1829 and US$0.1759, respectively.

The Top 3 Gainers of The Day are Sonm (SNM), Volt Inu V2 (VOLT), and JasmyCoin (JASMY):

1st Place

SNMUSDT: Up by 20.60%

Sonm provides cloud services based on distributed customer level hardware including PCs, mining equipment, and servers. SNM is trading at a current market price of US$0.2248, having touched a high of US$0.2668 and a low of US$0.1683 in the past 24 hours.

2nd Place

VOLTUSDT: Up by 9.01%

Volt Inu V2 is a cryptocurrency launched in 2021 and operates on the Ethereum platform. VOLT is trading at a current market price US$0.0000016216, having touched a high of US$0.0000016608 and a low of US$0.0000012874 in the past 24 hours.

3rd Place

JASMYETH: Up by 7.69%

JasmyCoin is a cryptocurrency launched in 2016 and operates on the Ethereum platform. JASMY is trading at a current market price of 0.000003485 ETH, having touched a high of 0.000003645 ETH and a low of 0.000003114 ETH in the past 24 hours.

Meanwhile, the Top 3 Losers include RBNUSDT (-17.24%), THEUSDT (-17.21%), and LIFEUSDT (-16.94%).

Futures Market Updates

Futures activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.36 billion, equivalent to an 1.66% 24-hour decrease. The aggregated futures volume saw an increase of 20.12% to US$297 billion.

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$2.19 billion, which shows a 3.81% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 15.15% to US$190,604.48. 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 46.61%/53.39%. Most BTC long ETFs locked in a slight price increase yesterday, but that is not the case for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$42.14 from the opening price of US$42.44.

Interesting Topics

The Complete Guide to USDC-Margined Futures on Bitget

Answers to The Most Common Bitcoin-related Questions

What is Ripple (XRP)?

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