BITMAIN HAS LAUNCHED A CRYPTOCURRENCY INDEX
Yesterday, the Chinese mining giant Bitmain launched a new index that tracks the performance of the “largest and most liquid” cryptocurrencies.
The new cryptocurrency index from Bitmain mining company publishes two types of prices: the current spot price – every second updated price and the daily reference price, which is published once a day around 10: 00 am at Hong Kong time (UTC +8). In addition to the index, which shows the prices of the 17 largest cryptocurrencies in terms of market capitalization, a combined index Bitmain Big 10 (BLC10) will also be available. The “big ten” includes cryptocurrencies that make up more than 90% of the total market volume.
Bitmain argues that the new index is a transparent and relevant benchmark for institutional and retail investors. The index uses data from a number of cryptocurrency exchanges including Bitfinex, Binance, Bitstamp, Bittrex, GDAX, Gemini, Huobi, Itbit, Kraken, OKEX and Poloniex. The company emphasizes that exchanges are chosen based on various factors such as reputation, price transparency, level of compliance, stability and trading volume.
Bitmain clarifies that if one of the blockchains splits (in the case of a fork), its further positioning in the list will be evaluated within 10 days on a set of known criteria. The list of cryptocurrencies included in the index will be updated monthly.
We remind you that a fresh study of Bitcoin fundamental characteristics indicates the first cryptocurrency position strengthening, despite the dramatic collapse of its value in 2018. For example, data shows that the number of bitcoin wallet users has continued to grow over the past two years.