Market updates

Bitget Bites (October 5, 2022)

Beginner

2022-10-05 | 5m

The global market cap is standing at US$965.47 billion, showing a 2.42% increase from yesterday and the 24-hour volume went up by 17.04% to US$60.73 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20451.22 and US$19585.24 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20109.15, which is a 3.23% increase compared to Ethereum’s 2.56% increase.

There has also been a significant increase (+29.56%) in the volume of our spot market. There has been a significant increase in the volume and price of altcoins over the past 24 hours, with XRP (+1.17%) being the only altcoin in the Top 10 trading above the volume of US$1 billion and DOGE (+7.64%) inching near at US$929 million.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.18809 and US$0.18400 respectively.

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The Top 3 Gainers of The Day are Wrapped AXELAR (WAXL), Satoshi Island Coin (STC) and Forta (FORT):

1st Place

WAXLUSDT: Up by 10.09%

Axelar is a network built on top of Cosmos that aims to improve cross-chain communication between 17 chains. WAXL is the ERC-20 standard token of Axelar, which can be swapped for the native AXL token and staked on the Axelar Network. WAXL is trading at a current market price of US$0.91156, having touched a high of US$0.91156 and a low of US$0.77747 in the past 24 hours.

2nd Place

STCUSDT: Up by 8.86%

Satoshi Island Coin is the medium of exchange on the private Satoshi Island of Vanuatu. STC has a fixed supply of 21 million tokens, the same as Bitcoin; that is how the island owner pays tribute to Bitcoin creator Satoshi Nakamoto. STC is trading at a current market price of US$1.27460, having touched a high of US$1.30223 and a low of US$1.07358 in the past 24 hours.

3rd Place

FORTUSDT: Up by 8.70%

Forta is a blockchain security firm built to protect crypto projects and companies from real-time threats and abnormal on-chain activities. FORT is trading at a current market price of US$0.19803, having touched a high of US$0.27023 and a low of US$0.18488 in the past 24 hours.

Meanwhile, the Top 3 Losers include: MMETAUSDT (-23.42%), SKEBUSDT (-13.79%), and VOLTUSDT (-13.39%).

Futures Market Updates

Activities on Futures markets continue to expand, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.36 billion, equivalent to a 6.56% 24-hour increase. The aggregated futures volume also saw an increase of 34.85% to US$325 billion from yesterday.

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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 69% of the total OI, now standing at US$3.68 billion, which is a 7.60% increase from yesterday. The daily volume of Bitcoin contracts increased by 25.07% to US$239,445.40. The last cycle of funding rate (-0.0090%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, bearish at 37.84%/62.16%. Most BTC long ETFs also locked in a price increase yesterday, except for the highly anticipated ProShares’ BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$36.61 from the opening price of US$37.10.