Two CoinMarketCap’s crypto benchmark indices have been launched on its platform as well as on the leading financial data feeds.
As it has become known data provider CoinMarketCap has developed two cryptocurrency benchmark indices and now is integrating it to the leading financial data feeds as well as to its own platform. It was announced by the company on March 20.
CoinMarketCap Crypto Benchmark Indices
According to the information provided the launch of the new indices has taken place on CoinMarketCap’s native platform and financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart.
In its announcement CoinMarketCap named its benchmark indices the most comprehensive crypto data offerings for the markets existing today. It is said that they will cover 200 major cryptocurrencies by market capitalization. One of the indices will include Bitcoin and the second one won’t.
The first index developed by CoinMarketCap is named CMC Crypto 200 Index (CMC200). It is the one that includes Bitcoin and, according to the company, covers over 90 percent of the world’s crypto market.
The second index is known under the name CMC Crypto 200 ex BTC Index (CMC200EX). As it is obvious from its name, Bitcoin is not included in this index as it is developed to track the market’s performance without taking the influence of BTC into consideration.
In this context it’s worth mentioning that at the moment the share of Bitcoin which is still the largest cryptocurrency in the world accounts to over 50% of the total market capitalization.
Speaking about their new indices and their role Brandon Chez, CEO of CoinMarketCap, noted:
“These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format.”
Cooperation with Solactive
To carry out this initiative, CoinMarketCap has entered in a partnership with Solactive that is a Germany-based provider of financial indices. The tasks of Solactive will include calculating and administering these two indices. Moreover, it will rebalance them each quarter. As for CoinMarketCap, it will be responsible for providing price data.
As it has been revealed by Fabian Colin who is Solactive’s head of sales, thanks to the cooperation with CoinMarketCap and data provided by the company, they will have an opportunity to work on the development of their own custom indices for clients
“We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products,” added he.
Let us also remind that CoinMarketCap has already made headlines this week. As Coinspeaker has reported earlier, it has added Flipside crypto asset letter grades to its platform which will help users to see how digital assets keep evolving.
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