CoinMarketCap, the leading platform for the cryptocurrency market capitalization rankings and charts, has partnered with German index provider Solactive to create new Cryptocurrency Benchmark Indices, labeled: CMC Crypto 200 Index. The indices were launched on financial data feeds of Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart.
Both indices are cover 200 cryptocurrencies, but one index includes the top cryptocurrencies by market capitalization, and the other one excludes the most prominent cryptocurrency Bitcoin (BTC), which currently dominates 50.8 percent of the market. The top 200 cryptocurrencies make up for more than 90% of global crypto market capitalization. The ex-BTC version of the index was created to display the general market conditions while avoiding market bias. The indices are weighted according to market capitalization and are rebalanced quarterly.
Brandon Chez, CEO of CoinMarketCap, said:
“We are excited to launch and share these indices with the market. 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.”
Fabian Colin, Head of Sales at Solactive, commented:
“The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients. Conversations already started.
We are looking forward to developing more crypto indices in the future, which, at the second step, optimistically speaking result in investable indices and might lead to further products. We are very proud to be chosen as CMC’s index provider of choice in this exciting journey.”
The indices were developed in collaboration with Solactive, which used CMC’s data for index calculation. The direct access to CMC’s crypto market data allows Solactive to provide tailormade index solutions to its clients going forward.
Chicago-based proprietary trading firm Hehmeyer Trading + Investments announced in March the launch of its cryptocurrency index fund. The service provides access to the cryptocurrency market by investing in a fund that aims to track the performance of the proprietary Hehmeyer Cryptocurrency Index (HCI).