Top crypto exchange Binance has announced it is launching it’s Bitcoin Dominance Perpetual contract (BTCDOM) for highly risk-tolerant investors. The index compares Bitcoin market dominance against the top 20 altcoins (excluding Stablecoins), with investors able to leverage up to 25x by using Tether (USDT) for collateral.
Furthermore, the BTCDOM index has no cap, meaning it can trade outside the 0-100% range of the regular Bitcoin market cap dominance, making it more suitable for certain derivatives trading according to Binance. The index will be calculated using the weighted average prices of each asset, with weekly rebalancing to snapshot the current market conditions.
Binance announced the launch on it’s twitter on the 17th June 2021:
The contract launches at 3:30am UTC on June 21st 2021. For more information see Binance’s website.
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