Market updates

Bitget Bites (February 7, 2023)

Beginner

2023-02-07 | 5m

The global market cap is standing at US$1.06 trillion, showing a 0.04% decrease from yesterday but the 24-hour volume went up by 2.78% to US$49.75 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,138 and US$22,692 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,875, which is a 0.21% decrease compared to Ethereum's 0.19% increase.

Altcoin prices are trading in a mix of red and green, with no 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$0.2214 and US$0.2153, respectively.

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The Top 3 Gainers of The Day are PlatON (LAT), Grove Coin (GRV), and Lingose (LING):

1st Place

LATUSDT: Up by 35.75%

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$0.019624, having touched a high of US$0.020553 and a low of US$0.013162 in the past 24 hours.

2nd Place

GRVUSDT: Up by 23.39%

Grove Coin is a decentralized and secure green Token built for the future of our planet. GRV is trading at a current market price of US$0.8033, having touched a high of US$0.8172 and a low of US$0.6000 in the past 24 hours.

3rd Place

LINGUSDT: Up by 16.59%

Lingose aims to establish a Game ID protocol bound by smart contract. LING is trading at a current market price of US$0.005725, having touched a high of US$0.005945 and a low of US$0.004755 in the past 24 hours.

Meanwhile, the Top 3 Losers include REDUSDT (-12.04%), REPUSDT (-8.67%), and AFKUSDT (-7.71%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.38 billion, equivalent to a 0.41% 24-hour decrease. The aggregated futures volume saw a 41.89% decrease to US$1.37 trillion.

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$2.28 billion, which shows a 0.29% increase from yesterday. The daily volume of Bitcoin contracts increased by 13.51% to US$167,939.67. 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 48.40%/51.60%. Most BTC long ETFs locked in a price increase yesterday, but that's not the case for the highly anticipated ProShares' BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$27.92 from the opening price of US$28.19.