CoinMarketCap, a major website that provides cryptocurrency market cap rankings and data charts, announced the launch of two inclusive headline indices, administered by Solactive, the German index provider.
According to blog.coinmarketcap.com, the organization launched two cryptocurrency benchmark indices on the platforms of NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters Eikon [Refinitiv], and Börse Stuttgart. The indices are supposed to be the most comprehensive in the current market scenario, and will cover the top 200 cryptocurrencies in terms of market cap.
Brendan Chez, CEO of CoinMarketCap stated,
“These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”
The headline index for Bloomberg Terminals, CMC Crypto 200 Index [CMC 200] would include Bitcoin, which essentially covers up to 90% of the entire cryptocurrency market. The other headline index CMC 200 EX has been created to track the overall performance of the market, in the absence of Bitcoin, which dominated approx 50% of the total market cap, at press time. The identity code index on Reuters was trademarked as .CMC 200 and .CMC200 EX.
The index will be re-evaluated after every 4 months, and the index constituent weights would be fixed, or re-balanced on the selection day; five days before the actual re-evaluation date. The new benchmark indices will also be introduced on CoinMarketCap website, which is the most visited website in the entire cryptospace.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.