Data provider, CoinMarketCap has launched two new cryptocurrency benchmark indices based on financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart, and its own platform.
According to the announcement made on Wednesday, the benchmark indices will cover the top 200 cryptocurrencies by market capitalization and will be the “most comprehensive” crypto data offerings for the markets, one including bitcoin (BTC) and the other without.
The first index is dubbed as CMC Crypto 200 Index (CMC200). As per the firm, this one includes bitcoin and covers more than 90 percent of the global cryptocurrency market.
CMC Crypto 200 ex BTC Index (CMC200EX) is the second index and it tracks the market’s performance without the influence of bitcoin. The largest cryptocurrency by market capitalization, bitcoin has just over 50 percent dominance of the total market capitalization. CoinMarketCap CEO Brandon Chez, stated:
“These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format.”
As per the announcement, CoinMarketCap partnered with Germany-based provider of financial indices Solactive, it will calculate and administer both the indices. In addition, it will rebalance them on a quarterly basis. The price data will be provided by CoinMarketCap.
Fabian Colin, Solactive’s head of sales, stated that CoinMarketCap data would also give his firm the opportunity to develop custom indices for clients, adding:
“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.”
Just earlier this week, CoinMarketCap also added the Fundamental Crypto Asset Score (FCAS) metric developed by Flipside evaluates factors such as developer activity and a broad set of transaction data.