Data provider CoinMarketCap has launched two cryptocurrency benchmark indices on NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters Eikon (Refinitiv), and Börse Stuttgart, the company announced in a blog post.
The indices cover the top 200 cryptocurrencies and can serve as a reference regarding general market performance. In order to make the data more comprehensible, one of them includes bitcoin while the other doesn’t.
Using CMC Crypto 200 Index (CMC200), one can track the performance of the market accounting for bitcoin's influence. According to CoinMarketCap, this index covers over 90 per cent of the global crypto market.
CMC Crypto 200 ex BTC Index (CMC200EX), on the other hand, excludes bitcoin. The distinction is important as bitcoin is currently responsible for half of the market capitalisation.
“We are excited to launch and share these indices with the market,” said CoinMarketCap CEO Brandon Chez. “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”