Binance launches BTCDOM Bitcoin Dominance Perpetual Contract

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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.

Risk Warning: Futures trading carries a substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movement. The information here should not be regarded as financial or investment advice. All trading strategies are used at your discretion and your own risk. SugarWired will not be liable to you for any loss that might arise from your use of Futures.
Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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