Bloomberg, in conjunction with Galaxy Digital Capital Management LP, a company managing cryptocurrency assets, led by Mike Novogratz, have launched the Bloomberg Galaxy Crypto Index (BGCI). The index will monitor the dynamics of the most popular and liquid cryptocurrencies.
The Bloomberg Galaxy Crypto Index will demonstrate the overall state of the cryptocurrency market and bring "unprecedented transparency" to it, Novogratz said. Alan Campbell, Global Product Manager for Bloomberg Indices, believes that the launch of BGCI reflects the growing interest of customers in digital currencies. Campbell also notes:
"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."
The Bloomberg Galaxy Crypto Index will track the dynamics of market capitalization based on ten cryptocurrencies in the following ratio:
Bitcoin – 30,00%
Ethereum – 30,00%
Ripple – 14,14%
Bitcoin Cash – 10,65%
EOS – 6,11%
Litecoin – 3,77%
Dash – 1,67%
Monero – 1,66%
Ethereum Classic – 1,00%
Zcash – 1,00%
The companies said that the index uses "rule-based methodology and data" obtained from sources that have been carefully studied by both companies. However, the details are not disclosed.