Bitget Bites (January 17, 2023)

The global market cap is standing at US$986 billion, showing a 0.79% decrease from yesterday but the 24-hour volume went up by 6.69% to US$50.62 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,381 and US$20,512 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,126, which is a 0.10% increase compared to Ethereum's 0.33% decrease.

Altcoin prices are seeing red, with XRP (-4.26%) 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$0.1998 and US$0.1923, respectively.

The Top 3 Gainers of The Day are Serum (SRM), The T token (T), and Tamadoge (TAMA):

1st Place

SRMUSDT: Up by 6.37%

Serum is a decentralized exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralized finance (DeFi). SRM is trading at a current market price of US$0.4786, having touched a high of US$0.5143 and a low of US$0.4443 in the past 24 hours.

2nd Place

TUSDT: Up by 6.34%

The T token is both a utility token for the Threshold Network and a governance token for the Threshold DAO. T is trading at a current market price of US$0.02329, having touched a high of US$0.02654 and a low of US$0.02141 in the past 24 hours.

3rd Place

TAMAUSDT: Up by 6.03%

Tamadoge is the gateway token of the Tamaverse. TAMA is trading at a current market price of US$0.0138, having touched a high of US$0.014998 and a low of US$0.0125 in the past 24 hours.

Meanwhile, the Top 2 Losers include TORNUSDT (-19.47%) and LDOUSDT (-12.64%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.59 billion, equivalent to a 0.45% 24-hour increase. The aggregated futures volume saw a 34.35% decrease to US$432 billion.

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$3.13 billion, which shows a 1.36% increase from yesterday. The daily volume of Bitcoin contracts decreased by 0.31% to US$233,371.23. 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 58.83%/41.17%. Most BTC long ETFs locked in a price increase yesterday, but the highly anticipated ProShares' BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI) was not trading.

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