Bitfinex Launches Bitcoin Dominance Index Perpetual Contract
Cryptocurrency exchange Bitfinex added a new perpetual contract to its derivatives platform this Wednesday. It allows betting on the bitcoin capitalization dominance index over the broader cryptocurrency market..
According to the company’s own statement, the Bitcoin Dominance Perpetual Swap (BTCDOM) contract has “increased capital and cost efficiency relative to conventional long or short futures deals, while at the same time has reduced volatility.”.
Bitcoin’s dominance index is currently around 66%, according to CoinMarketCap data. In February 2017, it reached 85%, after which it dropped to 32% by January 2018 amid the rise in altcoins. After recovering above 50% in the second half of 2019, the value hovers around a few percent.
“Bitcoin is a time-tested asset. Now is the time again when bitcoin should play the role of a protective asset for traders. The market continues to view it as digital gold, the exchange said. – Since the collapse of global markets in March, against the backdrop of the COVID-19 crisis, we have seen a huge increase in trading volume. During the March 13 crash over a 24-hour period, trading volumes exceeded $ 2 billion. We believe that demand will continue after the halving, while the supply of new bitcoins will be halved. “.
Earlier, analysts noted a twofold increase in Bitfinex revenue in the first quarter of 2020.
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