As the demand for Cryptocurrency is expanding, the American data provider and index Services Company, Bloomberg has launched its own Cryptocurrency Index called Bloomberg Galaxy Crypto Index (BGCI) earlier this week. In order to keep an eye on the performance of the most valuable part of the Cryptocurrency, the company has decided to launch the Index.
Alan Campbell, global product manager for Bloomberg Indices stated that, “The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
The Bloomberg Crypto Index will carry out offerings based on the prices of the finest virtual currencies in the world. And this index will be connected with other indexes controlled by Bloomberg Index Services Limited. Furthermore, the branding will be carried out by Galaxy Digital Capital Management. With some of the existing Cryptocurrency market indexes, the new launch by Bloomberg has outshined the market by becoming the first institutional standard for the Cryptocurrency market.
Know about Market-Cap Weighted
The American data provider’s Crypto wing – BGCI – suggests that Cryptocurrencies with high value market cap will carry a strong weight in the index. During the launch, it added other Cryptocurrencies such as Bitcoin, Ethereum, Monero, Ripple and ZCash while currently it trades 12 cryptocurrecies in U.S. dollars.
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI”, said Michael Novogratz, CEO and founder of Galaxy Digital Capital Management.