RATE Group | Bitfinex Derivatives Launches Bitcoin Dominance Perpetual Swaps
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Bitfinex Derivatives Launches Bitcoin Dominance Perpetual Swaps

06 May Bitfinex Derivatives Launches Bitcoin Dominance Perpetual Swaps

Posted at 13:43h in Cryptocurrency News by

The derivatives platform for Bitfinex cryptocurrency exchange is launching a new perpetual swaps product today, May 6, that enables traders to speculate on Bitcoin (BTC) dominance.

Dominance, which refers to Bitcoin’s share of the total market capitalization for all cryptocurrencies, is a measure closely eyed by many in the community — whether they be altcoin developers and traders or diehard Bitcoin maximalists. 

According to data from Coin360, BTC dominance stands at close to 67% as of May 5.

Bitfinex Derivatives’ Bitcoin Dominance Perpetual Swap (BTCDOM) is ostensibly the first such contract to launch in the market. The exchange claims it is “more capital efficient and cost effective than an outright long or short futures trade, while also being less volatile.” 

The latter argument is persuasive, given that Bitcoin’s share of total cryptocurrency market capitalization has varied relatively less than its spot market price. BTC dominance one year ago was a little under…

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