Financial data and news giant Bloomberg, in collaboration with digital asset management company Galaxy Digital Capital Management, has launched crypto index.
The Bloomberg Galaxy Crypto Index (BGCI) will track the performance of the largest, most liquid portion of the cryptocurrency market. It is market capitalization-weighted and measures the performance of leading ten USD-traded cryptocurrencies.
Current cryptocurrency weightings: Bitcoin (BTC) 30.00%, Ethereum (ETH) 30.00%, Ripple (XRP) 14.14%, Bitcoin Cash (BTC) 10.65%, EOS (EOS) 6.11%, Litecoin (LTC) 3.77%, Dash (DASH) 1.67%, Monero (XMR) 1.66%, Ethereum Classic (ETC) 1.00%, and Zcash (ZEC) 1.00%.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” said Alan Campbell, Global Product Manager for Bloomberg Indices. “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 index will facilitate diversified exposure as well as independent benchmarking for investors, the companies said in the official release. It utilizes a rules-based methodology and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management's due diligence processes.
“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,” Michael Novogratz, CEO and Founder of Galaxy Digital Capital Management, said.
Earlier in March, Bloomberg rival Thomson Reuters launched bitcoin sentiment data feed. It rolled out a new version (v3.0) of its MarketPsych Indices (TRMI), which includes its first sentiment data feed for bitcoin.
