Market updates

Bitget Bites (October 6, 2022)

Beginner

2022-10-06 | 5m

The global market cap is standing at US$972.07 billion, showing a 0.68% increase from yesterday but the 24-hour volume went down by 1.23% to US$59.96 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20440.14 and US$19750.00 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$20329.10, which is a 0.48% increase compared to Ethereum’s 1.11% increase.

There has also been a small increase (+5.60%) in the volume of our spot market. There has been a slight increase in the volume and price of altcoins over the past 24 hours, with XRP (+4.18%) being the only 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$0.18645 and US$0.18250 respectively.

Bitget Bites (October 6, 2022) image 0

The Top 3 Gainers of The Day are X2Y2 (X2Y2), Qredo (QRDO), and PolyDoge (POLYDOGE):

1st Place

X2Y2USDT: Up by 7.88%

X2Y2 is the 6th largest NFT marketplace on Ethereum, whose core infrastructure (smart contracts, frontend, backend, etc.) is developed independently for the sake of decentralisation. X2Y2 is trading at a current market price of US$0.0905, having touched a high of US$0.0908 and a low of US$0.0835 in the past 24 hours.

2nd Place

QRDOUSDT: Up by 6.81%

Qredo is a Layer 2 solution that offers decentralised custody, settlement technology, and wallet services for cryptocurrencies. The firm has successfully raised US$80 million in February 2022. QRDO is trading at a current market price of US$0.28414, having touched a high of US$0.30216 and a low of US$0.24054 in the past 24 hours.

3rd Place

POLYDOGEUSDT: Up by 6.74%

Doggo to Polygon - PolyDoge has brought the famous idea of DOGE meme coin to Polygon. POLYDOGE is trading at a current market price of US$0.000000005261, having touched a high of US$0.000000005800 and a low of US$0.000000004888 in the past 24 hours.

Meanwhile, the Top 3 Losers include: MMETAUSDT (-33.91%), TUSDT">FORTUSDT (-25.79%) and DAOUSDT (-21.38%).

Futures Market Updates

Activities on Futures markets continue to expand, with the Open Interest (OI) of all cryptocurrencies now recorded at US$5.52 billion, equivalent to a 2.99% 24-hour increase. The aggregated futures volume, however, saw a decrease of 5.85% to US$306 billion from yesterday.

Bitget Bites (October 6, 2022) image 1

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$3.79 billion, which is a 2.99% increase from yesterday. The daily volume of Bitcoin contracts decreased by 3.48% to US$231,114.10. The last cycle of funding rate (-0.0100%) demonstrates a potential buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, bearish at 47.36%/52.64%. Most BTC long ETFs also locked in a price increase yesterday, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$36.87 from the opening price of US$37.26.