S&P Dow Jones Indices, the world’s leading index provider, announced the launch of five new cryptocurrency indices on Tuesday. In total, the company now has eight cryptocurrency indices.
- The first newly added index is the “S&P Cryptocurrency Broad Digital Market (BDM) Index,” which “offers a comprehensive snapshot of the performance of the cryptocurrency market and includes more than 240 coins at launch,” the announcement said.
- The other four new crypto indices are subsets of the BDM. The first of the four is the “S&P Cryptocurrency Largecap Index”, which “measures the performance of the constituents with the largest market capitalization”.
- The second subset is the “S&P Cryptocurrency BDM Ex-Megacap Index”, which excludes the components of the S&P Cryptocurrency Megacap Index. The crypto megacap index measures the performance of Bitcoin (BTC) and Ether (ETH).
- Another index that will be introduced is the “S&P Cryptocurrency BDM Ex-Largecap Index”, which excludes the components of the S&P Cryptocurrency Largecap Index.
- The fifth index introduced is the “S&P Cryptocurrency Largecap Ex-Megacap Index”, which measures the performance of the components of the S&P Cryptocurrency Largecap Index, with the exception of the components of the S&P Cryptocurrency Megacap Index.
- The new indices complement three existing “S&P Digital Market Indices” that were introduced in May. These are the “S&P Bitcoin Index”, the “S&P Ethereum Index” and the aforementioned “S&P Cryptocurrency Megacap Index”.
- Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, commented: “The addition to our Digital Market Indices family offers one of the most comprehensive snapshots of this fast growing asset class with the ability to cut by market capitalization. We are pleased to bring this significant amount of additional transparency to the cryptocurrency market. “
What do you think of S&P Down Jones launching 5 new cryptocurrency indices? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.