Bloomberg and Galaxy Digital Capital Management, the digital asset manager founded by billionaire and Bitcoin supporter Michael Novogratz, launched on Wednesday the Bloomberg Galaxy Crypto Index (BGCI). The capitalization-weighted index will track the prices of the most liquid cryptocurrencies, including Bitcoin, Ethereum, Ripple, Monero, and Zcash.
The index represents a big step forward for the digital assets market by supporting diversified exposure. It applies a methodology based on rules and data from reliable sources that have been vetted by the two companies through a due diligence process.
The index is owned and run by Bloomberg Index Services and is co-branded with Galaxy Digital Capital Management, the companies stated. The BGCI provides the first institutional-level benchmark for the cryptocurrency market.
Alan Campbell, global product manager for Bloomberg Indices, commented:
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies. The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
Michael Novogratz, who acts as CEO of Galaxy Digital Capital Management, added:
“The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI.”
Steve Kurz, asset management head at Galaxy Digital Capital Management, expressed his excitement about partnering with Bloomberg on the index, adding that BGCI’s rules-based methodology would represent a solid foundation on which the crypto market would mature.
As of Wednesday, the BGCI is based on ten cryptocurrencies as follows (including their weightings):
- Bitcoin – 30%
- Ethereum – 30%
- Ripple – 14.14%
- Bitcoin Cash – 10.65%
- EOS – 6.11%
- Litecoin – 3.77%
- Dash – 1.67%
- Monero – 1.66%
- Ethereum Classic – 1%
- Zcash – 1%
This article appeared first on Cryptovest
