Bitget Bites (July 18, 2022)
The global market cap is standing at US$981.27B, showing a 1.16% increase from yesterday but the 24-hour volume was down by 1.70% to US$61.85B. Our report on activities of the Spot Market and Futures Market are below:
Spot Market Updates
Bitcoin has been trading between US$20,778.18 and US$21,600.64 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,437.38, which is a 0.44% increase compared to Ethereum’s 4.75% increase.
There has been an increase in the volume and price of altcoins over the past 24 hours, with so many altcoins trading above $1B, in order of hierarchy we have XRP (+1.30%), ADA (+1.20%), and SOL (+3.30%).
The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15085 and US$0.14931, respectively.
The Top 3 Gainers of The Day are Optimism (OP), Lido DAO (LDO) and Project Galaxy (GAL).
1st Place
OPUSDT: Up by 17.47%
Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum. With a current market cap of $148,684,641.04 and trading volume of $207,750,282.69, OPTIMISM is trading at a current market price of $0.6924.
2nd place
LDOUSDT: Up by 17.47%
The LDO token grants governance rights in the Lido DAO.Users receive a tokenized version of their staked assets. When staking on the Ethereum blockchain via Lido, users receive stETH in return (bLuna for staking on the Terra blockchain, and stSOL for staking on the Solana blockchain). These tokenized assets can be used in other decentralized protocols (e.g. lending). With a current market cap of $547,014,191.74 and trading volume of $203,270,615.58, Lida DAO is trading at a current market price of $1.74.
3rd Place
GALUSDT: Up by 14.70%
GAL is an Ethereum token that powers Project Galaxy, a network for on- and off-chain credentials (such as for credit scoring applications). GAL can be used to pay for access to credential data, can be staked by curators validating the network, and can be used to vote on the future of the network. With a current market cap of $108,914,332.75 and trading volume of $78,902,298.52, GAL is trading at a current market price of $3.04.
Meanwhile, the Top 3 Losers include: ONIT (-64.19%), FORT (-31.40%) and LUNR (-30.53%).
Futures Market Updates
Today’s Open Interests (OI) of all cryptocurrencies have slightly increased over the weekend, now recorded at US$3.67B, which is equivalent to a 6.07% increase from yesterday and the 24-hours aggregated volume of all contracts at US$172B (+4.88%).
Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI accounted for two-thirds of the total outstanding contracts at US$2.46B while the daily volume of Bitcoin contracts only stood at US$206,407.00. The last cycle of funding rate (+0.0045%) demonstrates a weak sell signal.
Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly showing bearish signs at 37.11%/62.89%. Friday was green for most Bitcoin ETFs, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$38.00 compared to the opening price of US$38.44. We’ll see how this one plays out today.
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