Bitget Bites (August 23, 2022)

The global market cap is standing at US$1.024 trillion, showing a 0.01% increase from yesterday and the 24-hour volume was up by 20.73% to US$70.74 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,939.18 and US$21,483.97 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,292.93, which is a 0.65% decrease compared to Ethereum’s 0.90% increase.

There has also been a significant increase (+23.24%) in the volume of our spot market. There has been an increase in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (+0.62%), XRP (+0.18%), and ADA (+0.44%).

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15921 and US$0.15330, respectively.

The Top 3 Gainers of The Day are Gm Wagmi (GM), Chiliz (CHZ), and Cosmos (ATOM).

1st Place

GMUSDT: Up by 24.51%

GM Wagmi is a meme coin based on the popular “gm” meme that has taken social media, especially Crypto Twitter, by storm in 2021. Gm (also written gm or GM) stands for “good morning” and is the customary greeting between crypto accounts on Twitter, irrespective of the time of the day. Like other meme coins that took advantage of a fleeting hype like Omicron (named after the COVID19 variant) or PEOPLE (a coin that wanted to buy a copy of The Constitution), GM is cashing in on the popularity of the “gm” meme and people willing to wager money on the eponymous token. With a trading volume of $3,010,065.89, GM is trading at a current market price of $0.00001171.

2nd Place

CHZUSDT: Up by 14.33%

Chiliz is the leading digital currency for sports and entertainment by the eponymous Malta-based FinTech provider. It operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favorite sports brands. Multiple fan tokens by Socios.com are an example of that. For sports clubs and associations, fan tokens offer a way of connecting with their fans and unlocking new revenue streams. With a current market cap of $1,341,237,311.10 and a trading volume of $709,608,551.91, CHZ is trading at a current market price of $0.2238.

3rd Place

ATOMUSDT: Up by 13.14%

In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.

The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other — preventing fragmentation in the industry.

With a current market cap of $3,348,283,613.64 and trading volume of $375,918,907.92, ATOM is trading at a current market price of $11.69.

Meanwhile, the Top 3 Losers include: CS TUSDT (-36.08%), NXDUSDT (-33.19%), and CMPUSDT (-26.55%).

Futures Market Updates

Activities on Futures markets are slightly expanding with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.61 billion, equivalent to a 6.89% increase from yesterday. The aggregated futures volume, however, saw a decrease of 26.33% to US$206 billion in the last 24 hours.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance declined slightly to 67% of the total OI, now standing at US$3.1 billion. The daily volume of Bitcoin contracts rose by 27.26% to US$198,350.40. 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, still bearish at 41.29%/58.71%. Most BTC long ETFs locked in a price decrease, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed Monday at US$36.93 from the opening price of US$36.72.

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