Bitmain, the Chinese cryptocurrency mining giant, has officially launched its own cryptocurrency index. This Bitmain cryptocurrency index launched to provide traders and investors with a “useful benchmarking tool” that tracks the most active cryptocurrencies globally. The company hopes the new index will become an essential resource in the rapidly evolving crypto market.

The exchanges enlisted on the index include OKEx, Gemini, Binance, Kraken, Itbit, Bitfinex, Poloniex, Bittrex, GDAX, Bitstamp, and Houbi. The index will update every second to show the spot price of each featured cryptocurrency in real-time. Additionally, a reference price will be published once a day at 10:00 AM Hong Kong time. An important feature is that the index will be denominated in US dollars.

Furthermore, the index will contain the top 17 cryptocurrencies by market capitalization. These are: ETH, BTC, XMR, NEM, XLM, LTC, DASH, OMG, ZEC, ETC, BCH, NEO, ICX, EOS, TRX, ADA, and IOTA (listed in no particular order).

Coins excluded from the index include Maker (MKR), 0x (ZRX), VeChain (VET), USDT (Tether), Dogecoin (DOGE), Bitcoin Gold (BTG), Ontology (ONT), and Tezos (XTZ). It is unclear why these coins were left out, especially since some have a higher market capitalization than those included.

Bitmain Launches New Crypto Index

Speaking on Bitmain’s decision to create its own index, a company document states: “The index has been developed to provide institutional and retail investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally.”

The Bitmain index will join several active indices in the crypto market. For example, the AltDex cryptocurrency index platform offers its users investment benchmarks. It provides a selection of indices in various virtual asset categories. The main index, AltDex 100 Index (ALT100), benchmarks “the top 100 large-scale cryptocurrencies and tokens.”

Other indices on AltDex include the AltDex Masternode Index (ALTMSN) and the AltDex Privacy Coin Index (ALTPRV), which tracks security and privacy coins. Additionally, the AltDex Exchange Index (ALTEXC) monitors leading exchange tokens.

Another popular benchmark is the Finance Magnates Intelligence Department’s cryptocurrency performance index. It tracks price changes of the four largest cryptocurrencies: Bitcoin, Ripple, Ethereum, and Bitcoin Cash.

In conclusion

Bitmain cryptocurrency index launched — the company has announced the launch of its own cryptocurrency index platform. According to the Beijing-based cryptocurrency mining company, the index will serve as a benchmarking tool for traders and investors. The index, which features the top 17 cryptocurrencies, will be denominated in US dollars.

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