Bitget Bites (July 11, 2022)

The global market cap is standing at US$918.28B, showing a 2.54% decrease from yesterday. In addition, the 24-hour volume was down by 2.42% to US$53.85B. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$20,491.18 and US$21,360.74 within the last 24 hours. As of 3:30 AM UTC, BTC price is standing at US$20,506.73, which is a 1.8% decrease compared to Ethereum’s 1.05% decrease.

There has been a decrease in the volume and price of altcoins over the past 24Hr. Only one altcoin is trading above US$1B XRP(-5.23%), while ADA (3.70%) and SOL (4.84%) coming behind and trading above $500m.

The highes t price and lowest price levels of BGB in the last 24 hours were US$0.15044 and US$0.14938, respectively.

The Top 3 Gainers of The Day are Cult DAO (CULT), Fortress DAO (FORT) and AAVE.

1st Place

CULTUSDT: Up by 11.67%

CULT is the tradable and liquid token of CULT DAO. Transacting CULT will contribute to the protocol by filling the DAO treasury slowly to fund investments into decentralised technologies. This is achieved due to a 0.4% collection on all CULT transactions. CULT, once staked into the Cult DAO, becomes dCULT. With a current market cap of $53,461,180.46 and a trading volume of $6,667,078.72 , CULT is trading at a current market price of $0.00001228.

2nd place

FORTUSDT: Up by 4.80%

Fortress DAO is a decentralized reserve currency, forked from the successful and secure Olympus DAO. Fortress will utilize the familiar bond-and-stake methodology, in order to raise treasury funds and reward early supporters. This ensures that the Fortress retains ownership of the protocol’s liquidity, to enable consistent, unstoppable growth. With a current trading volume of $3,690,814.35 , FORT is trading at a current market price of $0.24830.

3rd Place

AAVEBTC: Up by 4.30%

aave is one of the most popular lending protocols in DeFi and allows people to lend or borrow crypto in exchange for earning or paying interest. AAVE token is the native governance token of the Aave protocol and is one of the biggest DeFi tokens on the market. With a current market cap of $1,073,108,106.49 and trading volume of $300,874,713.70, AAVE is trading at acurrent market price of $0.003759.

Meanwhile, the Top 3 Losers include: XDC (-18.84%), OBX (-16.46%) and WNXM (-16.32%).

Futures Market Updates

The Futures market is bustling with activities. Today’s Open Interests (OI) of all cryptocurrencies are recorded at US$3.13B, which is equivalent to a 5.72% decrease over the weekend and the 24-hours aggregated volume of all contracts at US$124B (-36.08% since Friday).

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 OI at US$2.06B while the daily volume of Bitcoin contracts only stood at US$214,782.7. The last cycle of funding rate (-0.0200%) demonstrates a buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now clearly leaning towards bullish at 54.07%/45.93%. Most Bitcoin ETFs saw a positive 1-day change on Friday, except the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which ended the day at US$37.43 compared to the opening price of US$38.16. We can see that institutional sentiment was not that different from retail sentiment, i.e. the tug-of-war over Bitcoin’s future is still ferocious but the bears are slowly receding.

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