Popular cryptocurrency exchange and derivatives platform Bitfinex has announced today, the launch of a new Bitcoin perpetual swaps product.
Bitfinex’s new product will allow the platform’s traders to speculate on Bitcoin’s dominance in the overall crypto market. The product is dubbed Bitfinex Derivatives’ Bitcoin Dominance Perpetual Swap (BTCDOM).
The BTCDOM is the first product of its nature in the history of the crypto market. According to Bitfinex, the product is more cost-effective than other futures trades, whether long or short. Bitfinex also says it is a lot less unstable.
CoinMarketCap currently puts Bitcoin’s dominance at 66.7%. The Bitcoin dominance specifically describes how much of the entire crypto market valuation that Bitcoin controls. Bitcoin’s dominance is monitored by most of the market, more than that of any of the altcoins. This gives merit to Bitfinex’s argument that the trade is not very volatile. For almost a year, Bitcoin’s dominance has been between 60% and 70%.
According to Bitfinex,
“This product will provide Bitfinex derivatives’ users with an additional avenue to obtain exposure to the world’s biggest cryptocurrency, and further cements Bitfinex derivative’s status as the go-to platform for traders deploying highly sophisticated investment strategies.”
Trading BTCDOM is already live. It is however limited to a few jurisdictions, and not accessible by everyone.