Michael Novogratz, a well known hedge fund manager and Bitcoin Billionaire, in coalition with Bloomberg launched aBloomberg Galaxy Crypto Index. The index, consisting of 10 cryptocurrencies at its inception, is being designed for tracking the accomplishment of the largest and the most liquid coins.
Galaxy Digital Capital Management in consonance with the Bloomberg has on Wednesday announced the launching of Bloomberg Galaxy Crypto Index (BGCI), a cryptocurrency benchmark index.
Constituent coins are capped at 30% of the total and can’t be less than 1%, Novogratz said in a Tuesday interview. The Bloomberg Galaxy Crypto Index will be rebalanced monthly.
The Galaxy Digital Capital Management LP is an asset management firm who are resolute to the digital currency and blockchain field. The founder of the firm is Michael Novogratz, a former Principal and also Chief Investment Officer of the Fortress Macro Funds and also a former Partner at Goldman Sachs.
The ultimate task of the index, as designed, is that to follow up on the performance of the largest and the most liquid portion of the cryptocurrency market. The market capitalization, i.e. the Bloomberg Galaxy Crypto Index, works by weighing and measuring the activities of the top ten USD traded cryptocurrencies, such as Bitcoin, Ethereum, Monero, Ripple, and Zcash.
The announcement said
The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.
At its initiation, the Bloomberg Galaxy Crypto Index contains 30% Bitcoin and Ether, 14.13% Ripple, 10.63% Bitcoin Cash, 6.11% EOS, 3.77% Litecoin, 1.67% Dash, 1.66% Monero, and 1% Ethereum classic and Zcash.
Novogratz commented
“we are hoping that this index becomes the bellwether and benchmark for the whole crypto space that hedge funds are compared to it… and that is seen as a watershed moment where crypto starts to become an indigestible asset class from an institutional perspective.”
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