3X Long Altcoin Index Token price is $0.08331300
The price of 3X Long Altcoin Index Token (ALTBULL) has increased today, with its current price being $ 0.08331300. It experienced a change of +0.00%% over the past 24 hours, which shows its volatility and the potential daily swings in price that traders can expect.
3X Long Altcoin Index Token (ALTBULL) is a leveraged token that aims to amplify the daily returns of its underlying benchmark, the Altcoin Index. Specifically designed for cryptocurrency traders who wish to speculate on the altcoin market's movements, ALTBULL provides a way to potentially triple the daily performance of the Altcoin Index. It's an ERC20 token, meaning it's built on the Ethereum blockchain, which ensures compatibility with a wide range of wallets and exchanges.
3X Long Altcoin Index Token (ALTBULL) was created by the team at FTX, a cryptocurrency derivatives exchange. This product was tailored for traders who seek significant exposure to the altcoin market and wish to utilize leverage without taking a direct margin position.
ALTBULL operates by using a combination of financial derivatives, such as swaps and futures, to magnify the returns of the Altcoin Index. When the index rises, ALTBULL aims to increase in value at three times the rate of that rise for that day. Conversely, if the index falls, ALTBULL's value is designed to drop at three times the fall rate. It's important for investors to note that this tripling effect resets daily, and the compounding effects can lead to differing results over longer periods than a single day.
Investing in ALTBULL involves a higher degree of risk and potential reward due to the leverage involved. While it can provide significant gains if the Altcoin Index increases, it can also lead to considerable losses if the index moves in the opposite direction. It's crucial for potential investors to understand leveraged tokens and the impact of daily resets on performance, especially over extended periods.
Unlike traditional cryptocurrency tokens, which represent a stake in a project or a form of currency, ALTBULL is a leveraged product that reflects thrice the daily movement of another index. It's designed for short-term trading rather than long-term holding and does not provide ownership in a blockchain project or system.
The daily trading volume for 3X Long Altcoin Index Token (ALTBULL) is currently 5.8K, indicating the liquidity and amount of trading activity for this token. Its market capitalization, representing the total value of all tokens in circulation, stands at $ . These figures are crucial for traders to understand the token's market size and activity.
The circulating supply of ALTBULL tokens is currently , which dictates how many tokens are currently available for trading. The total supply, on the other hand, is 30.0, which includes all tokens created, whether in circulation or not.
When trading ALTBULL, investors typically employ short-term strategies due to the token's leveraged nature and daily reset feature. It's commonly used for speculation on the altcoin market's movements or as a hedging tool. Understanding the nuances of leveraged tokens and the volatility of the cryptocurrency market is essential when trading ALTBULL.
You can buy 3X Long Altcoin Index Token (ALTBULL) on the cryptocurrency derivatives exchange FTX and other platforms that support ERC20 tokens. It's important to use reliable exchanges and to be aware of the trading risks involved with leveraged tokens like ALTBULL.
As an ERC20 token, ALTBULL can be stored in wallets that support Ethereum-based tokens. Secure storage involves using hardware wallets for long-term holding or trusted software wallets for easier access for trading. Always ensure the security of your private keys and practice safe storage methods to protect your investments.
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