Cryptocurrency price listing platform CoinMarketCap announced it will launch two crypto benchmark indices on Nasdaq Global Index Data Service, Thomson Reuters Eikon, Börse Stuttgart, and perhaps most notably, Bloomberg Terminal. This news comes via a post on the site’s blog published earlier today.
According to the announcement, the indices will cover all of the Top 200 cryptos by market capitalization (total supply multiplied by current exchange price), with one including Bitcoin (BTC) and one without. The one with Bitcoin will be named CMC Crypto 200 Index (CMC200) while the one excluding Bitcoin will be called the CMC Crypto 200 ex BTC Index (CMC200EX). Both indexes will be rebalanced on the last day of each quarter, and will be calculated and administered by German index provider, Solactive.
The reason for the index without Bitcoin (CMC200EX) is Bitcoin accounts for roughly half of the total market cap of all cryptos, meaning it has a disproportionate influence on the metric. Measuring the health of the market without it provides a more accurate look into the altcoin market.
Per the post, Solactive is the company that developed the CBOE Bitcoin Futures index, which was launched in 2017, and administers more than three thousand custom indices.
“We are very proud to be chosen as CMC’s index provider of choice in this exciting journey,” said Solactive’s Head of Sales, Fabian Colin, “The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients. Conversations have already started. 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.”
With the partnership, Solactive will be positioned to offer tailored index solutions to clients, who would be able to use them to create their own products, or simply for display.
In February, Nasdaq launched two new indices that track spot prices for Bitcoin and Ether (ETH). The indices were created by cryptoasset market data company Brave New Coin.