German index provider Solactive AG and CoinMarketCap (CMC) have joined forces to launch Cryptocurrency Benchmark indices, labeled: CMC Crypto 200 Index - powered by Solactive.
Initially, two indices are at the starting line covering 200 crypto currencies, with one index including the top cryptocurrencies by market capitalization and one subversion excluding the most prominent cryptocurrency Bitcoin (BTC).
The development of the indices was made possible due to a joint collaboration, with Solactive providing index calculation CoinMarketCap using CMC's data, which incorporates pricing from more than 200 crypto exchanges. The direct access to CMC's crypto market data allows Solactive to provide tailormade index solutions for its clients going forward.
The first version of the CoinMarketCap index - powered by Solactive is a market capitalisation-weighted index consisting of the top 200 cryptocurrencies, which make up for more than 90% of global crypto market capitalisation, a market currently worth over $120bn. The rationale behind the ex-BTC version of the index is to display the general market conditions in the crypto-currency space while at the same time avoiding market bias through the market's focus currency Bitcoin, which to date contributes to nearly 51% of all global trading volume.
Both the CMC Crypto 200 index - powered by Solactive as well as its ex-BTC version went live on 4 March and are featured in NASDAQ's distribution feed called GIDS from 20 March henceforward. Additionally, the indices will be available on Bloomberg (CMC200 Index, CMC200EX Index) and on Refinitiv/TR Eikon (RIC: .CMC200 and .CMC200EX).
The indices are weighted according to market capitalisation and are rebalanced quarterly.