The derivatives platform for Bitfinex cryptocurrency exchange is launching a new perpetual swaps product today, May vi, that enables traders to speculate on Bitcoin (BTC) dominance.

Authorisation, which refers to Bitcoin's share of the total market capitalization for all cryptocurrencies, is a measure closely eyed by many in the customs — whether they exist altcoin developers and traders or diehard Bitcoin maximalists.

According to information from Coin360, BTC dominance stands at close to 67% as of May 5.

Bitfinex Derivatives' Bitcoin Dominance Perpetual Swap (BTCDOM) is ostensibly the outset such contract to launch in the marketplace. The commutation claims it is "more majuscule efficient and toll effective than an outright long or brusque futures merchandise, while besides being less volatile."

The latter statement is persuasive, given that Bitcoin's share of total cryptocurrency market capitalization has varied relatively less than its spot marketplace cost. BTC dominance 1 year ago was a lilliputian nether 58% and has remained range-bound between 60–seventy% since late June 2022 — with ane notable flash exception on March 12, 2022.

Trading for the contract went live at 9:00 AM UTC today and remains limited to traders in eligible jurisdictions.

A Bitfinex representative told Cointelegraph:

"Bitcoin has proven time and fourth dimension again to be a safe oasis for traders and information technology is continuing to be seen equally digital golden. Since global markets crashed in March every bit the COVID-19 crisis took concord, we have seen a huge increment in trading volume, reaching over $2B over a 24-hr period during the crash on March 13th. Nosotros believe the demand volition still exist in that location after the halving whilst the supply will be halved."

Bitfinex diversifies products fifty-fifty equally parent firm mired in legal activeness

As reported, Bitfinex launched its own social network last month, "Bitfinex Pulse," to encourage communication between traders.

While its parent company, iFinex, was dealt a class activity lawsuit for declared market manipulation at the commencement of this year, the exchange has been continuing to augment its offerings, unveiling staking services in early on April.