The Bitfinex crypto exchange launched a perpetual swap that allows traders to speculate on the dominance of bitcoin on the index.
BTC dominance index - the share of BTC in the total crypto market capitalization - is a popular metric that many in the crypto community are following.
The exchange claims that a product named Bitcoin Dominance Perpetual Swap (BTCDOM) is the first such contract on the market that may be less volatile associated with existing bitcoin derivatives, given that the share of bitcoin in the total crypto market capitalization varies relatively less than its market rate.
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A Bitfinex spokesperson said: “BTC proves over and over again that it is a safe haven for traders and continues to be seen as digital gold. During the collapse of markets in March against the backdrop of the COVID-19 crisis, we saw a huge increase in trading volume, which reached more than $ 2 billion on March 13. We believe that demand after halving will continue, while supply will be halved.”