Bitget Bites (December 9, 2022)

The global market cap is standing at US$859 billion, showing a 2.00% increase from yesterday and the 24-hour volume also went up by 0.93% to US$37.43 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$17,309.57 and US$16,799.07 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$17,227.28, which is a 2.09% increase compared to Ethereum's 3.82% 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$0.1863 and US$0.1818, respectively.

The Top 3 Gainers of The Day are The T token (T), Fetch.ai (FET), and PRIMAL:

1st Place

TUSDT: Up by 17.12%

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$0.02116, having touched a high of US$0.02278 and a low of US$0.01748 in the past 24 hours.

2nd Place

FETUSDT: Up by 9.85%

The Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (CosmWasm). FET is trading at a current market price of US$0.09753, having touched a high of US$0.09869 and a low of US$0.074 in the past 24 hours.

3rd Place

PRIMALUSDT: Up by 8.45%

PRIMAL combines 2 massively successful concepts: STEPN-style sports + Chiliz-style fan tokens. PRIMAL is trading at a current market price of US$0.00721, having touched a high of US$0.01431 and a low of US$0.0016 in the past 24 hours.

Meanwhile, the Top 3 Losers include XUSDT">WEMIXUSDT (-40.67%), REVOUSDT (-24.70%), and SKEBUSDT (-19.98%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.03 billion, equivalent to a 1.36% 24-hour increase. The aggregated futures volume saw a 37.78% decrease to US$200 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$2.67 billion, which shows a 0.19% increase from yesterday. The daily volume of Bitcoin contracts increased by 6.53% to US$173,050.51. 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 57.96%/42.04%. Most BTC long ETFs locked in a price increase yesterday, but that's not the case for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.84 from the opening price of US$39.77.

Interesting Topics

Stop Loss Levels and Take Profit Levels Explained

What is DCA?

Inflationary Vs. Deflationary Cryptocurrencies

Follow Us For More Insights: Twitter | Telegram | LinkedIn | Facebook | Instagram