Bitget Bites (January 13, 2023)

The global market cap is standing at US$905 billion, showing a 1.69% increase from yesterday and the 24-hour volume also went up by 32.14% to US$58.26 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$18,989.18 and US$17,912.99 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$18,830.22, which is a 3.40% increase compared to Ethereum's 0.56% increase.

Altcoin prices are seeing green, with XRP (-0.02%) being the only altcoin in the Top 10 trading above the volume of US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.1901 and US$0.1826, respectively.

The Top 3 Gainers of The Day are Gearbox (GEAR), Rally (RLY), and Tamadoge (TAMA):

1st Place

GEARUSDT: Up by 18.03%

Gearbox is a composable leverage protocol that improves capital efficiency within DeFi by enabling users access to leverage on essentially any protocol. GEAR is trading at a current market price of US$0.01191, having touched a high of US$0.01228 and a low of US$0.00894 in the past 24 hours.

2nd Place

RLYUSDT: Up by 9.6%

Rally is a social token-oriented protocol that allows creators to launch their own token and build a digital economy around their work. RLY is trading at a current market price of US$0.012404, having touched a high of US$0.014201 and a low of US$0.010661 in the past 24 hours.

3rd Place

TAMAUSDT: Up by 9.26%

Tamadoge is the gateway token of the Tamaverse. TAMA is trading at a current market price of US$0.015395, having touched a high of US$0.015999 and a low of US$0.0123 in the past 24 hours.

Meanwhile, the Top 3 Losers include BONKUSDT (-31.53%), VRAUSDT (-15.31%), and KINUSDT (-8.50%).

Futures Market Updates

Future activities are heating up, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.50 billion, equivalent to a 4.45% 24-hour increase. The aggregated futures volume saw a 37.62% increase to US$790 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 64% of the total OI, now standing at US$2.92 billion, which shows a 4.95% increase from yesterday. The daily volume of Bitcoin contracts increased by 27.86% to US$286,778.53. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 63.73%/36.27%. Most BTC long ETFs locked in a price increase yesterday, but that's not the case for the highly anticipated ProShares' BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$34.09 from the opening price of US$36.09.

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