Bitget Bites (January 31, 2023)

The global market cap is standing at US$1.04 trillion, showing a 3.20% decrease from yesterday but the 24-hour volume went up by 14.42% to US$56.80 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,763 and US$22,672 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,864, which is a 3.38% decrease compared to Ethereum's 4.05% decrease.

Altcoin prices are seeing red, with XRP (-5.00%) and DOGE (+3.80%) being the 2 altcoins 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$0.2244 and US$0.2131, respectively.

The Top 3 Gainers of The Day are RSS3 (RSS3), MinePlex (PLEX), and Alchemy Pay (ACH):

1st Place

RSS3USDT: Up by 26.71%

RSS3 is a next-generation feed protocol that powers decentralized social, content, and e-commerce applications. RSS3 is trading at a current market price of US$0.1831, having touched a high of US$0.1936 and a low of US$0.1292 in the past 24 hours.

2nd Place

PLEXUSDT: Up by 24.22%

MinePlex is a new-generation digital ecosystem that emerged to satisfy the demand for more advanced, modern payment solutions. PLEX is trading at a current market price of US$0.24474, having touched a high of US$0.24782 and a low of US$0.16004 in the past 24 hours.

3rd Place

ACHUSDT: Up by 16.93%

Alchemy Pay is a payment solutions provider that seamlessly connects fiat and crypto economies for global consumers, merchants, developers, and institutions. ACH is trading at a current market price of US$0.017245, having touched a high of US$0.017245 and a low of US$0.011098 in the past 24 hours.

Meanwhile, the Top 3 Losers include IXTUSDT (-19.15%), FLOKIUSDT (-14.39%), and HOOKUSDT (-12.51%).

Futures Market Updates

Future activities are heated, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.19 billion, equivalent to a 1.13% 24-hour decrease. The aggregated futures volume saw a 31.74% increase to US$359 billion.

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$2.14 billion, which shows a 0.56% increase from yesterday. The daily volume of Bitcoin contracts increased by 13.52% to US$244,922.89. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 56.08%/43.92%. Most BTC long ETFs locked in a price decrease yesterday, but that's not the case for the highly anticipated ProShares' BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$28.31 from the opening price of US$27.73.

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