Bitget Bites (November 24, 2022)

The global market cap is standing at US$838.42 billion, showing a 2.31% increase from yesterday but the 24-hour volume went down by 0.37% to US$62.11 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,771.48 and US$16,347.77 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,747.44, which is a 1.28% increase compared to Ethereum's 3.52% increase.

Altcoin prices are in the green, with XRP (+1.87%) 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$0.1864 and US$0.1797, respectively.

The Top 3 Gainers of The Day are Standard Tokenization Protocol (STPT), Serum (SRM), and PlatON (LAT):

1st Place

STPTUSDT: Up by 21.18%

The STP (Standard Tokenization Protocol) Network aims to build a decentralised network designed to facilitate the discovery and usage of digital assets across global communities. STPT is trading at a current market price of US$0.03958, having touched a high of US$0.04817 and a low of US$0.03123 in the past 24 hours.

2nd Place

SRMUSDT: Up by 11.47%

Serum is a decentralised exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralised finance (DeFi). SRM is trading at a current market price of US$0.305, having touched a high of US$0.3178 and a low of US$0.2372 in the past 24 hours.

3rd Place

LATUSDT: Up by 9.91%

PlatON is building a decentralized and collaborative AI network and global brain to drive the democratization of AI for safe artificial general intelligence. LAT is trading at a current market price of US$0.007496, having touched a high of US$0.007695 and a low of US$0.00632 in the past 24 hours.

Meanwhile, the Top 3 Losers include MOONEYUSDT (-27.20%), GENEUSDT (-23.83%), and CSTUSDT (-23.30%).

Futures Market Updates

Futures activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.61 billion, equivalent to a 7.54% 24-hour increase. The aggregated futures volume saw a 20.37% decrease to US$221 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$2.35 billion, which shows a 6.60% increase from yesterday. The daily volume of Bitcoin contracts decreased by 14.14% to US$211,005.72. Funding rate of the last cycle stands at 0.000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 44.07%/55.93%. 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$41.22 from the opening price of US$42.29.

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