Those looking to long and short Litecoin (LTC) now have a new place to do so. Contract trading of the popular Bitcoin spin-off is now available on Huobi Derivative Market (Huobi DM) — as of yesterday (Jan 25, 2019).
Savvy traders will now be able to utilize Huobi DM to take both long and short positions on the seventh-ranked cryptocurrency by market capitalization. As noted by a press release from the Chinese-founded Singapore-based cryptocurrency exchange, the addition of LTC contract trading allows for “arbitrage, speculation, and hedging.”
Litecoin joins Bitcoin (BTC), Ethereum (ETH), and EOS (EOS) — which have weekly, bi-weekly, and quarterly contracts — on the platform.
LTC is currently trading, at the time of this writing, at $33.38 per coin. Its current price is down significantly from its all-time high of approximately $371. This dramatic price fluctuation creates opportunity, according to Huobi Global’s CEO, Livio Weng.
“Given the huge changes in price Litecoin and other digital assets regularly experience, Huobi DM can be a powerful tool in managing risk and uncertainty,” Weng stated in the press release.
XRP Coming Soon
Those looking to long and short XRP will soon be able to do so on Huobi DM, as well.
Livio Weng, Huobi Global’s CEO, stated:
Litecoin is one of the biggest of the altcoins on the market today and we’ve seen quite a bit of demand for it by our users. We’ll be adding more coin types to the platform as 2019 progresses, with Ripple next on our list.
The addition of more altcoin contracts being offered illustrates the continued growth of the major cryptocurrency exchange.
What do you think of the addition of Litecoin (LTC) contract trading to Huobi DM? Are you excited about the future addition of XRP contract trading to the platform? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.