Crypto Watch on April 4: Futures Open Contracts for Bitcoin Hit One-Year Low as Market Fluctuates Rapidly

In the latest overview of the cryptocurrency market on April 4, 2023, there is an unexpected trend taking the top spot in terms of trending – dog breeds. Specifically, “dog breeds” has become the top trend, according to Google Trends data. It’s unclear why this trend has emerged, but it’s possible that there has been a surge in interest in dog ownership or breeding.

Moving on to the market statistics, Bitcoin (BTC) is currently priced at $27,873, while Ethereum (ETH) is at $1,810. The market cap has increased by 1.18%, reaching $1,168 billion, and the 24-hour trading volume has surged by 50.79% to $49.09 billion. The BTC dominance has slightly decreased by 0.29% to 45.39%, while the ETH dominance is at 18.6%, with ETH gas at 19 Gwei.

Source: Coin360

In terms of liquidations, over $155.70 million has been liquidated in the past 24 hours, affecting 44,939 traders. The largest liquidation order was recorded on Bitmex, amounting to $9.57 thousand.

Further analysis of data by Glassnode reveals that the allocation of Bitcoin to futures open contracts currently stands at 361,000 BTC, while allocation via crypto-margin using Bitcoin amounts to 92,000 BTC. This indicates that only about 26% of futures contracts involve Bitcoin, which has decreased from 64% during the January 2021 bull run. The remaining 75% of futures contracts are allocated via stablecoins or USD, which carry less risk due to their low volatility compared to Bitcoin. This trend indicates a decrease in risk appetite, and it is expected to continue in the short term.

FOI crypto-margin | Source: Glassnode

The top gainers in the past 24 hours include Witnet (WIT), Dogechain (DC), Shib Original Vision (SOV), Strips Finance (STRP), and PIP (PIP), with gains ranging from 32.7% to 52.1%. The greed and fear index stands at 62, indicating a moderate level of greed among traders.

In other news, Dogecoin has surged by 30% following its unexpected adoption as a new symbol by Twitter. Bitcoin mining revenue has also increased by 20% in March. Additionally, Uniswap’s spot trading volume has exceeded Coinbase’s for the second consecutive month, with a volume of $71.6 billion in March, up by 45% from Coinbase’s trading volume. Since January 2022, March 2023 has been Uniswap’s best month in terms of trading volume.

In conclusion, the cryptocurrency market continues to be volatile, with sudden trends emerging and market statistics fluctuating rapidly. While the market has shown signs of decreased risk-on appetite, some cryptocurrencies are still performing well, with traders showing moderate levels of greed.

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