S&P Dow Jones Indices introduced three new cryptocurrency indexes tied to Bitcoin and Etherium to track digital assets performance in cryptocurrency exchanges.
The three new cryptocurrency indexes include:
The new indexes will measure Bitcoin and Etherium’s performance through market capitalization.
S&P have previously announced earlier last December that they would try to cover at least 550 commonly traded coins.
Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, stated that “Traditional financial markets and digital assets are no longer mutually exclusive markets”.
“As cryptocurrency becomes more mainstream, investors now have access to reliable and transparent benchmarks backed by institutional quality pricing data. We look forward to further expanding our new family of Digital Market Indices and bringing much needed transparency to this exciting market” he added.
The indexes will utilize end-of-day Fair Market Value taken every 4 pm EST to make cryptocurrency index calculation through Lukka, a New York-based virtual currency company.
The list of indexes are set to expand as other cryptocurrencies are planned to be included later this year.