Name Price24H (%)
Bitcoin (BTC)
$9,691.29
2.85%
Ethereum (ETH)
$245.77
11.33%
XRP (XRP)
$0.206625
4.29%
Litecoin (LTC)
$47.71
7.20%
Bitcoin BTC News

Bitfinex launches a Bitcoin Dominance perpetual swap

Bitfinex has just recently been overtaken by FTX as the most liquid cryptocurrency exchange. A major contributor to FTX’s success has been the addition of a wide range of derivatives. Hence, in order to maintain their 2nd place or reclaim first, they must get in the same race.

Bitfinex Derivatives

Bitfinex launched derivatives trading a few months back, allowing traders to access futures trading and more particularly perpetual contracts. All of them are paired against USDT and users must convert funds from USD to USDT0 for access. The initially available pairs were BTC/USDT; ETH/USDT and XAUT/USDT.

Bitcoin Dominance

The Bitcoin Dominance shows how much of the current market capitalisation Bitcoin owns. Currently it stands over 65% and has been rather high since the 2019 bullish rally. This has been used as indicator for some traders but never traded as it is only a ratio.

Many traders have been wanting to trade this with requests going to derivatives exchanges such as FTX. Bitfinex took action today and launched new perpetual swaps based on the Bitcoin Dominance: “BTCDOMF0:USTF0”.

Battle of Exchanges

Top cryptocurrency exchanges have been pushing the pedal to the metal recently to gain a larger market share. FTX with innovative products, Binance with lending/futures/mining, Bitfinex with derivatives and even BitMEX with lowered maintenance margins and a new Ether quanto contract.

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