Market updates

Bitget Bites (January 16, 2023)

Beginner

2023-01-16 | 5m

The global market cap is standing at US$994 billion, showing a 2.51% increase from yesterday but the 24-hour volume went down by 29.46% to US$47.44 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,446 and US$20,586 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,108, which is a 2.13% increase compared to Ethereum's 3.03% increase.

Altcoin prices are continuing their weekend rally, 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$0.2020 and US$0.1929, respectively.

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The Top 3 Gainers of The Day are Celo (CELO), Voyager Token (VGX), and Caduceus (CMP):

1st Place

CELOUSDT: Up by 18.01%

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. CELO is trading at a current market price of US$0.7467, having touched a high of US$0.7753 and a low of US$0.6138 in the past 24 hours.

2nd Place

VGXUSDT: Up by 12.5%

Voyager Token, is a cryptocurrency broker that provides investors with a trusted and secure access point to crypto asset trading. VGX is trading at a current market price of US$0.4383, having touched a high of US$0.503 and a low of US$0.3775 in the past 24 hours.

3rd Place

CMPUSDT: Up by 9.98%

Caduceus is the Metaverse protocol for decentralized edge rendering, an infrastructure-level open blockchain platform specifically built for the metaverse and the decentralized digital world. CMP is trading at a current market price of US$0.1236, having touched a high of US$0.13176 and a low of US$0.106 in the past 24 hours.

Meanwhile, the Top 3 Losers include VRAUSDT (-25.07%), ATMUSDT (-14.71%), and INTERUSDT (-14.29%).

Futures Market Updates

Future activities are lukewarm, with the Open Interest (OI) of all cryptocurrencies now recorded at US$4.57 billion, equivalent to a 4.20% 24-hour increase. The aggregated futures volume saw a 11.65% decrease to US$658 billion.

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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$3.08 billion, which shows a 3.59% increase from yesterday. The daily volume of Bitcoin contracts decreased by 6.24% to US$234,099.49. 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 43.68%/56.32%. Most BTC long ETFs locked in a price increase last Friday, but that's not the case for the highly anticipated ProShares' BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$33.34 from the opening price of US$34.29.