Bitget Bites (December 5, 2022)

The global market cap is standing at US$866 billion, showing a 1.68% increase from yesterday and the 24-hour volume also went up by 9.80% to US$33.28 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,291.37 and US$16,941.21 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,247.22, which is a 1.56% increase compared to Ethereum's 2.95% increase.

Altcoin prices are dipping in the 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$0.1931 and US$0.1876, respectively.

The Top 3 Gainers of The Day are FREEDOM coin (FREE), Cronos (CRO), and Treasure (MAGIC):

1st Place

FREEUSDT: Up by 11.93%

The FREEDOM coin is a multi- blockchain coin, with more than 6 million holders on TRON, BinanceSmartChain and Ethereum. FREE is trading at a current market price of US$0.0000002185, having touched a high of US$0.0000002401 and a low of US$0.0000001491 in the past 24 hours.

2nd Place

CROUSDT: Up by 9.2%

Cronos is the native cryptocurrency token of Cronos Chain — a decentralised, open-source blockchain. CRO is trading at a current market price of US$0.07082, having touched a high of US$0.07100 and a low of US$0.06359 in the past 24 hours.

3rd Place

MAGICUSDT: Up by 8.97%

Treasure is the decentralised video game console connecting games and communities together through bottom-up driven IP and infrastructure, unified through a common set of composable resources. MAGIC is trading at a current market price of US$0.6045, having touched a high of US$0.6646 and a low of US$0.5423 in the past 24 hours.

Meanwhile, the Top 3 Losers include BNXUSDT (-45.15%), TUSDT">LATUSDT (-14.63%), and SPIRITUSDT (-11.69%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.92 billion, equivalent to a 2.68% 24-hour increase. The aggregated futures volume saw a 42.53% decrease to US$150 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$2.57 billion, which shows a 1.78% increase from yesterday. The daily volume of Bitcoin contracts increased by 40.77% to US$174,101.36. Funding rate of the last cycle stands at 0.000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 55.61%/44.39%. Most BTC long ETFs locked in a price increase, but that's not the case for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$39.38 from the opening price of US$39.79.

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