Singapore-based crypto exchange BingX has launched the ALTCOIN Index, the first futures index to include altcoins such as ETH, XRP, SOL and DOGE.
BingX’s new ALTCOIN index offers users the ability to monitor current market trends for multiple altcoins displayed in one index. According to BingX’s press release, the index will include some of the top cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins.
The ALTCOIN index includes ETH (ETH), XRP (XRP), SOL (SOL), BNB, DOGE, ADA, TRX, AVAX and SHIB. The index allows users to track trends and price changes without having to purchase individual tokens or ETFs. Thus, traders can also buy or sell USDT trading pairs in addition to altcoins in the index.
A futures index is a tool typically used to monitor stock markets. This allows traders to track the performance of certain assets in the market, such as commodity stocks.
Therefore, investors can assess or hedge against market movements to determine the best course of action. This is because traders can instantly monitor other assets in the broader market, not just the ones they own.
In the case of altcoins, BingX’s new platform allows traders to assess the market directly using tiered leverage options and competitive interest rates without having to manage multiple positions at the same time. This allows users to further diversify their asset selection and mitigate trading risks associated with individual asset volatility.
BingX Chief Product Officer Vivien Lin explained that the new futures and altcoin trading feature will offer a range of major cryptocurrencies and consolidate them into…
