Coinmarketcap has announced plans to roll out two cryptocurrency benchmark indices on Bloomberg and NASDAQ GIDS terminals, as well as Börse Stuttgart and Thomson Reuters Eikon.
The upcoming cryptocurrency benchmark indices will feature about 200 of the top cryptocurrencies based on market capitalization. One of the indices is called CMC Crypto 200 Index (CMC200) I and it will feature the very first cryptocurrency, Bitcoin (). This index will also cover 90% of the entire cryptocurrency market. The other index will be known as CMC Crypto 200 ex BTC Index (CMC200EX) and it will keep track of the cryptocurrency market’s performance although it will exclude Bitcoin.
“We are excited to launch and share these indices with the market. These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format,” stated Coinmarketcap CEO Brandon Chez.
Chez also noted that Coinmarketcap selected Solactive as its index administrator and the two hope that the two indices will expand the cryptocurrency reach to other major markets. The cryptocurrencies in the indices have also been carefully selected to make sure that they provide maximum value.
Coinmarketcap to employ the services of Solactive to create the indices
Solactive AG is a German firm that is an index provider and it will be responsible for calculating as well as making sure that the indices are up to the required standards. Fabian Colin, Solactive’s head of sales has expressed excitement about the opportunity for his firm. He stated that his firm is proud to be chosen as Coinmarketcap’s index provider. Colin also noted that having access to Coinmarketcap’s data presents an opportunity to create new indices that will be custom-made and that will target new customers.
Solactive believes that the decision to create the two cryptocurrency indices will probably encourage the creation of more cryptocurrency indices in the future. This means that investable indices will be available in the future and other products might also pop up in the future. This comes at a time when the cryptocurrency market seems to have come to the end of its long-lasting bear run with the bulls now taking over. Cryptocurrency prices have been on the rise over the past two weeks.
