Singapore-based cryptocurrency exchange BingX has introduced the ALTCOIN Index, a futures index designed to track the performance of major altcoins, including Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE).
The new index allows users to monitor market trends for multiple altcoins in one place, excluding Bitcoin and stablecoins. Altcoins featured in the index include ETH, XRP, SOL, Binance Coin (BNB), DOGE, Cardano (ADA), TRON (TRX), Avalanche (AVAX), and Shiba Inu (SHIB). This platform enables traders to assess market movements without the need to purchase individual tokens or exchange-traded funds (ETFs).
The futures index serves as a tool to track the performance of a collection of assets, akin to stock market instruments. It provides traders with an efficient way to monitor market shifts and react to potential changes in the broader cryptocurrency landscape. With tiered leverage options, BingX’s platform helps investors hedge against volatility and diversify their holdings without managing multiple positions.
Vivien Lin, Chief Product Officer at BingX, emphasized the index’s appeal for less experienced traders. “This index trading pair should help our less experienced users achieve their trading goals more easily, especially when they’re unsure which asset to trade but want to focus on major altcoins with leverage,” Lin said.
BingX also stated that the composition of the ALTCOIN Index will be updated quarterly to reflect market trends and conditions.
In a bid to strengthen security, BingX had previously launched a wallet firewall in October following a $43 million hack, aiming to safeguard against future external threats.
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