Bitget Bites (January 4, 2023)

The global market cap is standing at US$818 billion, showing a 1.49% increase from yesterday and the 24-hour volume also went up by 22.93% to US$29.37 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$16,816.72 and US$16,625.15 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$16,797.66, which is a 0.69% increase compared to Ethereum's 2.59% increase.

Altcoin prices are seeing green, with no 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$0.1842 and US$0.1815, respectively.

The Top 3 Gainers of The Day are Ethereum Classic (ETC), ssv.network (SSV), and NEAR Protocol (NEAR):

1st Place

ETCUSDT: Up by 8.76%

Ethereum Classic is a hard fork of Ethereum (ETH) that launched in July 2016. ETC is trading at a current market price of US$17.2871, having touched a high of US$17.4054 and a low of US$15.6572 in the past 24 hours.

2nd Place

SSVUSDT: Up by 7.73%

ssv.network is designed for building high-performance, secure, and decentralized ETH staking applications. SSV is trading at a current market price of US$11.6189, having touched a high of US$11.7215 and a low of US$10.5915 in the past 24 hours.

3rd Place

NEARUSDT: Up by 6.29%

NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform. NEAR is trading at a current market price of US$1.4192, having touched a high of US$1.4481 and a low of US$1.3071 in the past 24 hours.

Meanwhile, the Top 3 Losers include GVRUSDT (-25.39%), XDCUSDT (-22.63%), and BOTUSDT (-13.82%).

Futures Market Updates

Future activities are warming up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.14 billion, equivalent to a 3.04% 24-hour increase. The aggregated futures volume saw a 8.10% decrease to US$256 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 66% of the total OI, now standing at US$2.75 billion, which shows a 2.17% increase from yesterday. The daily volume of Bitcoin contracts increased by 19.90% to US$177,500.67. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now slightly bullish at 50.28%/49.72%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.59 from the opening price of US$39.29.

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