Top crypto data provider CoinMarketCap has announced the launch of two cryptocurrency benchmark indices on financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart, as well as its own data feed.
Two Indices, One with BTC One Without
According to the announcement from CoinMarketCap, this newly launched benchmark indices will be the “most comprehensive” of all data relating to crypto found on any platform available right now. The data will cover the top 200 cryptocurrencies by market capitalization. One of the indices will cover bitcoin (BTC) while the other will exempt the top coin.
The first index which will include Bitcoin (BTC) is named CMC Crypto 200 Index (CMC200). This index will cover over 90 percent of the global crypto market. The second index identified as, CMC Crypto 200 ex BTC Index (CMC200EX), will help keep track of the crypto market performance and conditions without being influenced by bitcoin. With bitcoin having more than 50 percent market dominance in terms of capitalization, the coin is surely the world’s largest cryptocurrency. So its influence on the entire market is not negligible.
According to CoinMarketCap CEO Brandon Chez, “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format,”
CoinMarketCap Partners with Solactive
CoinMarketCap also revealed in its announcement that it has partnered with Germany-based provider of financial indices Solactive to help calculate and administer both the indices. The German company will also help with the rebalancing of the indices on a quarterly basis. However, Price data will be provided by CoinMarketCap.
Solactive’s head of sales Fabian Colin has also expressed his delight regarding the partnership. He stated that:
“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.”
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