Positive news came for the crypto ecosystem when 2 crypto benchmark indices from data provider CoinMarketCap launched on financial data feeds from Bloomberg Terminal, Nasdaq Global Index Data Service, Thomson Reuters Eikon, and Germany’s Börse Stuttgart, as well as on its own platform.
Announcing the news on Wednesday, CoinMarketCap mentioned that the benchmark indices will be the “most comprehensive” cryptocurrency data offerings for the markets. It will cover the top two-hundred cryptocurrencies by market cap, one including bitcoin and the other without.
The firm elaborated that the first index is named CMC Crypto 200 Index (CMC200), which includes bitcoin, and covers more than ninety percent of the global crypto and digital asset market.
The second index is known as CMC Crypto 200 ex BTC Index (CMC200EX). It tracks the market’s performance without the influence of bitcoin.Bitcoin, the world’s largest cryptocurrency, currently has just over fifty percent dominance of the total market cap.
Moreover, CoinMarketCap has partnered with Germany-based provider of financial indices Solactive for the effort. According to the announcement, Solactive will calculate and administer both the indices, as well as rebalance them on a quarterly basis. The price data is being provided by CoinMarketCap.
Fabian Colin, head of sales at Solactive, said that CoinMarketCap data would also give his firm the opportunity to develop custom indices for clients. Colin further added that they are looking forward to developing more cryptocurrency indices in the future. According to him, this will optimistically result in investable indices and might lead to additional products.
CoinMarketCap also added cryptocurrency asset letter grades to its platform from blockchain analytics startup Flipside, earlier this week. It is to be noted that the Fundamental Crypto Asset Score (FCAS) metric developed by Flipside evaluates factors like developer activity and a broad set of transaction data.