Cryptocurrency price tracker and data aggregator CoinMarketCap has made a significant move in the financial landscape by launching two new cryptocurrency benchmark indices. These indices are now available on major platforms such as NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters Eikon (Refinitiv), and Börse Stuttgart, providing a comprehensive view of the cryptocurrency market.
Key Takeaways
- CoinMarketCap has launched two indices: CMC Crypto 200 Index (CMC200) and CMC Crypto 200 ex BTC Index (CMC200EX).
- The CMC200 tracks the performance of the top 200 cryptocurrencies, including Bitcoin, while the CMC200EX excludes Bitcoin.
- These indices aim to enhance accessibility to cryptocurrency data and promote its integration into larger financial markets.
Overview of the New Indices
The CMC Crypto 200 Index (CMC200) is designed to track the performance of the cryptocurrency market, accounting for Bitcoin’s significant influence. This index covers over 90% of the global crypto market, making it a vital tool for investors and analysts alike.
In contrast, the CMC Crypto 200 ex BTC Index (CMC200EX) provides insights into the market without the influence of Bitcoin, which currently represents about half of the total market capitalization. This distinction allows investors to analyze the performance of altcoins more effectively.
Enhancing Data Accessibility
Brandon Chez, CEO of CoinMarketCap, expressed excitement about the launch, stating, "These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format." The collaboration with Solactive, the chosen index administrator, aims to ensure that these professionally-calculated indices will broaden the reach of cryptocurrencies within the larger financial markets.
Professional Data Feed Launch
In addition to the indices, CoinMarketCap has also introduced a suite of professional API services tailored for cryptocurrency funds and developers. This new offering includes:
- A basic, zero-fee API for casual users.
- A “hobbyist” tier starting at $79 per month.
- A “professional” tier priced at $699 per month.
- An enterprise-level API that can be customized to meet specific needs.
This move follows CoinMarketCap’s commitment to providing users with more accurate and comprehensive data. The platform has removed minimum volume requirements for exchanges, allowing for a more transparent and reliable representation of market statistics.
Conclusion
The launch of these indices and the professional data feed marks a pivotal moment for CoinMarketCap as it seeks to enhance the cryptocurrency ecosystem. By providing more accessible and detailed data, CoinMarketCap aims to empower users to make informed decisions in the rapidly evolving crypto market. As the cryptocurrency landscape continues to grow, these developments will likely play a crucial role in shaping its future.
Sources
- Crypto Price Tracker CoinMarketCap Launches Professional Data Feed, Yahoo Finance.
- CoinMarketCap launches two indices on NASDAQ, Bloomberg and others, Yahoo Finance.
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