A new index for cryptocurrencies has been launched by Bloomberg, the well-known New York based financial and editorial company , already supplying much of the relevant financial information, in collaboration with Galaxy Digital Capital Management LP, a leading company in digital asset management founded by Michael Novogratz.
The new Bloomberg Galaxy Crypto Index (BGCI) is based on the values of the ten most liquid cryptocurrencies traded on US markets, weighted by capitalization. In its first version it shows the following composition:
Bitcoin ……………………………30.00%
Ethereum………………………….30.00%
Ripple…………………………….. 14.14%
Bitcoin Cash……………………..10.65%
EOS………………………………….6.11%
Litecoin…………………………….3.77%
Dash………………………………….1.67%
Monero……………………………..1.66%
Ethereum Classic………………..1.00%
Zcash…………………………………1.00%
Here is a basic index chart:
Alan Campell, global product manager of the index sector explains : “The launch of BGCI reflects the growing interest of our customers for cryptocurrencies. The index will provide investors with a transparent benchmark on which to base the performance on the market “.
Michael Novogratz, CEO of Galaxy, confirms: “BGCI brings unprecedented transparency to the cryptocurrency market. We are excited about helping decentralized revolution with the creation of our index “.
In the composition, the index appears very focused on the USA, for example there are no cryptocurrencies such as IOTA, Cardano, Tron and Stellar.
The rules are certainly mathematical and correct, but it is to be hoped that they are impartial and subjected to periodic revisions, given the continuous evolution of the market.
