BingX Introduces ALTCOIN Index, a First-of-Its-Kind Futures Index for Altcoins

Singapore-based cryptocurrency exchange BingX has launched the ALTCOIN Index, a pioneering futures index that tracks the market performance of top altcoins, including Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE).

What is the ALTCOIN Index?

The ALTCOIN Index provides users with a convenient way to monitor current market trends for multiple altcoins on a single index. The index features a selection of top cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins. The included altcoins are:

  • Ethereum (ETH)
  • XRP
  • Solana (SOL)
  • BNB
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • TRON (TRX)
  • Avalanche (AVAX)
  • Shiba Inu (SHIB)

Benefits of the ALTCOIN Index

Through the ALTCOIN Index, users can track trends and price changes without having to buy individual tokens or exchange-traded funds (ETFs). This allows traders to buy or sell USDT trading pairs alongside altcoins on the index, making it easier to diversify their asset choices and mitigate trade risks linked to individual asset volatility.

How the ALTCOIN Index Works

A futures index is an instrument typically used to monitor stock markets, allowing traders to track the performance of certain assets in the market. In the case of the ALTCOIN Index, users can directly assess the market using tiered leverage options and competitive rates without the burden of managing multiple positions at once.

Quotes from BingX’s Chief Product Officer

“This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage,” said Vivien Lin, Chief Product Officer of BingX.

Regular Index Updates

The platform ensures that the index composition will be updated regularly on a quarterly basis to showcase current movements in response to market conditions.

Stay up-to-date with the latest cryptocurrency news and updates on Global Crypto News. For more information on BingX’s ALTCOIN Index and other market trends, visit our website for the latest articles and insights.

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