Bitfinex: Traders can now speculate on Bitcoin dominance

Bitfinex, one of the largest crypto exchanges in the crypto sector, launched a new trading product today. It is a perpetual swap for bitcoin dominance.Bitcoin dominance is the percentage of Bitcoin’s market capitalization in the total market capitalization of all cryptocurrencies. At the moment, Bitcoin dominance is exactly 2/3, i.e. 66%, according to Coingecko, a popular website about market data for cryptocurrencies.With the new product, both Altcoin fans and Bitcoin maximumists can bet on the general development of the courses in relation to the Bitcoin price. The derivative called BTCDOM is the first of its kind in the crypto market. It can be leveraged on Bitfinex up to 100 times, long as well as short.

 

What are perpetual swaps?

Perpetual swaps are virtual peer-to-peer financial products that were developed by the crypto exchange OKEx and were first introduced in 2018. The handling is similar to futures contracts, but without a term and daily settlement. The swap contracts have a face value of $ 100.Contract trading allows users to buy and sell digital currencies at fixed rates at specific times in the future. This gives investors and traders the opportunity to open both long and short positions.