Bitmain Launches Cryptocurrency Index
Bitmain, the Chinese cryptocurrency mining giant, has unveiled its own cryptocurrency index. The company hopes that the new index will become a “useful benchmarking tool” for traders and investors in the cryptocurrency industry.
The Bitmain crypto index will curate data from the leading cryptocurrency exchanges around the world. This data will supply users with information relating to each exchange and how they fare in terms of transparency, market reputation, market stability, the volume of trade, and market compliance.
The exchanges that have been enlisted on the index include OKEx, Gemini, Binance, Kraken, Itbit, Bitfinex, Poloniex, Bittrex, GDAX, Bitstamp, and Houbi. The index will also update every second to show the spot price of each featured cryptocurrency in real-time, in addition to a reference price that will be published once a day at 10:00 AM Hong Kong time. An important feature to note is that the index will be denominated in US dollars.
Furthermore, the index will contain the top 17 cryptocurrencies by market capitalization and they are listed as follows, in no particular order: ETH, BTC, XMR, NEM, XLM, LTC, DASH, OMG, ZEC, ETC, BCH, NEO, ICX, EOS, TRX, ADA, and IOTA.
Excluded from the index are coins like Maker (MKR), 0x (ZRX), VeChain (VET), USDT (Tether), Dogecoin (DOGE), Bitcoin Gold (BTG), Ontology (ONT), and Tezos (XTZ). It is not clear why these coins were not included especially when some of them are ahead of the coins included in the index by market capitalization.
Speaking on the decision of Bitmain to have its own index, an explainer document from the company reads in part: “The index has been developed to provide institutional and retail investors with transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally.”
The Bitmain index will be joining a number of active indices in the crypto market. The AltDex cryptocurrency index platform, for instance, provides its users with investment benchmarks by simply offering a selection of indices in the virtual asset categories. The AltDex 100 Index (ALT100), which is the platform’s main index, is a benchmark for “the top 100 large-scale cryptocurrencies and tokens.”
The AltDex index platform also includes the AltDex Masternode Index (ALTMSN), the AltDex Privacy Coin Index (ALTPRV), responsible for tracking security or privacy coins, and the AltDex Exchange Index (ALTEXC), which tracks the leading exchange tokens in the industry.
Another popular one is the Finance Magnates Intelligence Department’s cryptocurrency performance benchmark index that tracks the price changes of the four largest cryptocurrencies; i.e., Bitcoin, Ripple, Ethereum, and Bitcoin Cash.
Bitmain 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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