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CoinMarketCap has long been one of the leading data collectors and distributors for cryptocurrencies and digital assets. Now, it has launched two cryptocurrency benchmarks 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 on their own platform. The news came Wednesday when CoinMarketCap announced the launch of its indices in a blog post on its website.
CoinMarketCap claimed that their new indices will be the most comprehensive cryptocurrency related data offerings for the markets. The indices will be covering the top 200 cryptocurrencies by market capitalization. However, only one of the indices will include the cryptocurrency leader Bitcoin. The other index will be distributed without Bitcoin data.
The index that includes Bitcoin is called CMC Crypto 200 Index (CMC200). Besides the inclusion of Bitcoin, CMC200 will be covering over 90% of the cryptocurrency market according to the firm’s blog post. Bitcoin currently makes for just over 50% of the world market capitalization. This shows that any index including Bitcoin might be presenting a biased picture, which is why the 2nd index called CMC Crypto 200 ex BTC Index (CMC200EX) is being launched to track the market’s performance excluding Bitcoin.
For these indices, CoinMarketCap has taken the help of a Germany-based financial indices provider Solactive. The announcement further states that it will be on Solactive’s shoulders to calculate and manage the indices. Solactive will also be responsible for rebalancing the indices on a quarterly basis, specifically on the last day of each calendar quarter. Brandon Chez, the CEO of CoinMarketCap, said about the launch, “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format.”
The post by CoinMarketCap also talks about the fact the Solactive is also the company responsible for launching CBOE Bitcoin Futures index back in December 2017. Solactive reportedly manages over three thousand custom indices so it can be said that they are a seasoned player of the financial markets.
“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,” said Solactive’s head of sales, Fabian Colin. He was reflecting on the prospect of using the data provided by CoinMarketCap to provide custom indices for their own customers. He further went on to say that talks had already started in this regard.