Singapore-based cryptocurrency exchange BingX has launched the ALTCOIN Index, its first futures index that includes altcoins such as ETH, XRP, SOL, and DOGE.
BingX’s new ALTCOIN index provides users with the opportunity to monitor current market trends for multiple altcoins represented in one index. According to a BingX press release, the index includes some of the top cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins.
ALTCOIN index includes ETH (ETH), XRP (XRP), SOL (SOL), BNB, DOGE, ADA, TRX, AVAX, SHIB. Through the index, users can track trends and price changes without purchasing individual tokens or ETFs. Therefore, traders can buy and sell USDT trading pairs along with altcoins on the index.
Futures indices are instruments commonly used to monitor stock markets. This allows traders to track the performance of specific assets in the market, such as commodity stocks.
Therefore, investors can assess or hedge market movements to determine the best course of action. This is because traders can instantly monitor not only the assets they own, but also other assets within the broader market.
For altcoins, BingX’s new platform allows traders to evaluate the market directly with tiered leverage options and competitive rates without the burden of managing multiple positions at once. This allows users to further diversify their asset choices and reduce trading risks associated with the volatility of individual assets.
Vivien Lin, chief product officer at BingX, said the new futures and altcoin trading feature provides a large number of major cryptocurrencies and brings them together in a single list, making it easier for users to monitor market trends. I did.
“This index trading pair will help inexperienced users achieve their trading goals more easily, especially if they don’t know which asset to trade and want to trade all major altcoins with leverage. “It should be,” Lin said.
The platform updates the index composition regularly on a quarterly basis to show current movements in response to market conditions.
Prior to this, BingX announced a new security feature, Wallet Firewall, in October. This feature is aimed at protecting the system from external threats following a major hacker attack that caused the exchange to lose $43 million just a month ago.
