Those looking for long and short Litecoin (LTC) already have a new place to do so. The deal for the popular Bitcoin spin-off is now available on Huobi Derivative Market (Huobi DM) – yesterday (January 25, 2019).
Now the skilled traders will be able to use Huobi DM to take a long and short position on the seventh ranked market-capitalization cap. As noted in a press release from the Chinese CryptoLife based on Singapore, the addition of a long-term contract deal allows arbitrage, speculation and hedging.
Litecoin joins Bitcoin (BTC), Ethereum (ETH) and EOS (EOS) – who have a weekly, two-week and a quarter contract on the platform.
LTC is currently trading at $ 33.38 a coin at the time of writing. Its current price is significantly lower than its highest value of about $ 371. This dramatic fluctuation in prices creates the possibility, according to Huobi Global CEO Livio Weng.
"Given the huge price changes that Litecoin and other digital assets regularly experience, Huobi DM can be a powerful tool in managing risk and uncertainty," Weng said in the press release.
Coming soon XRP
Those looking for a long and short XRP will soon be able to do this on Huobi DM.
Livio Weng, CEO of Huobi Global, said:
Litecoin is one of the biggest alternatives on the market today and we have seen a lot of demand for it from our users. We will add more types of coins to the platform as 2019 progresses, and Ripple next on our list.
The addition of more alternatives that are offered illustrates the continued growth of the key exchange of cryptocells.
What do you think of adding a Litecoin (LTC) contract to Huobi DM? Are you excited about the future addition of the XRP Trading Agreement on the platform? Share your thoughts in the comments below!
Photos provided by Shutterstock, CoinMarketCap.