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S&P Dow Jones Indices Launches New Cryptocurrency Index

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S&P Dow Jones Indices Launches New Cryptocurrency Index

Cryptocurrency Index Will Track Over 240 Digital Coins. Leading stock index provider S&P Dow Jones Indices has announced the launch of the new S&P Cryptocurrency Broad Digital Market (BDM) Index, which will track 240 digital coins. The index is based on data from Lukka and will include:

  • S&P Cryptocurrency LargeCap Index – BDM index that tracks the largest cryptocurrencies by capitalization;
  • S&P Cryptocurrency BDM Ex-MegaCap Index – BDM index excluding S&P Cryptocurrency MegaCap data (Bitcoin and Ethereum);
  • S&P Cryptocurrency BDM Ex-LargeCap Index – the BDM index excluding the S&P Cryptocurrency LargeCap Index (the largest in terms of cryptocurrency capitalization);
  • S&P Cryptocurrency LargeCap Ex-MegaCap Index is a BDM index that tracks data from S&P Cryptocurrency LargeCap (the largest cryptocurrency by capitalization), with the exception of the S&P Cryptocurrency MegaCap index components (Bitcoin and Ethereum).

In December 2020, S&P Dow Jones Indices announced the creation of cryptocurrency indices due to the growing interest of investors in the digital asset market. The company noted that the index will simplify the process of working with cryptocurrencies and protect investors from speculative risks inherent in the market.

S&P Dow Jones is not the first company to launch a crypto index. In 2019, a similar product was presented by the world’s second-largest stock exchange – Nasdaq. It added an index based on 100 cryptoassets called CIX100.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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