Singapore-based cryptocurrency exchange BingX has launched the ALTCOIN Index, the first futures index that includes altcoins such as ETH, XRP, SOL, and DOGE.

BingX's new ALTCOIN indicator offers users the opportunity to monitor current market trends for several altcoins offered in one indicator. According to the BingX website press releasethe index will contain some of the top cryptocurrencies in terms of market capitalization, with the exception of Bitcoin (Bitcoin) and stable currencies.

ALTCOIN ETH indicator includes (Ethereum), Ripple (XRP), sol (Sol), BNB, DOGE, ADA, TRX, AVAX, and SHIB. Through the indicator, users can track trends and price changes without having to purchase individual tokens or... ETFs. Therefore, traders can buy or sell USDT trading pairs alongside altcoins on the index.

Index futures is a tool commonly used to monitor stock markets. It allows traders to track the performance of certain assets in the market, such as commodity stocks.

Therefore, investors can evaluate or hedge against market movements to determine the best course of action. This is because traders can instantly monitor other assets within the broader market, not just those they hold.

In the case of altcoins, the new BingX platform allows traders to evaluate the market live using tiered leverage options and competitive pricing without the burden of managing multiple positions simultaneously. This enables users to further diversify their asset options and mitigate trading risks associated with individual asset volatility.

Vivien Lin, chief product officer at BingX, said that the new futures and altcoin trading feature will feature a number of major cryptocurrencies and will group them into one list to make it easier for users to monitor market trends.

“Index pair trading should help our less experienced users achieve their trading goals more easily, especially when they are not sure which assets to trade and just want to generally trade major altcoins using leverage,” Lin said.

The platform ensures that the index composition is updated regularly on a quarterly basis to display the response of current movements to market conditions.

Previously in October, BingX unveil New security feature, Wallet Firewall. This feature aims to protect the system from external threats, following a major hacker attack that led to the stock exchange losing $43 million just one month ago.