S$P Dow Jones Indices ushers in three crypto indices to avoid obscurities in the rising cryptocurrency market. S$P Dow Jones Indices made its first recommendation of cryptocurrency indices in the middle of the rally on crypto trade.
Following the company’s declaration on 3rd May, the indices are designed to measure the achievement fits of the two big guns of cryptocurrencies, Bitcoin and Ether.
These indices keep records on BTC and ETH headway according to market cap and are obtainable on the S&P DJI website. These comprise of Bitcoin-based S&P Bitcoin Index (SPBTC), Ether-based S&P Ethereum Index (SPETH), and S&P Cryptocurrency MegaCap Index (SPCMC).
S$P DJI pointed out that these indices only estimate the performance of crypto assets that can go public, and also measure up to the requirements of minimum liquidity and market cap. The sole purpose is to maintain clear check on cryptocurrency market.
Following further assertions, Lukka, the crypto accounting and data company supplies S$P crypto pricing and reference data. The company has the support of S$P Global, George Soros- a billionaire investor, and accounting advisor CPA.com.
S&P DJI had earlier made known its target to introduce cryptocurrency indices towards the end of 2021 aiming about 550 digital assets.
This insight into crypto market by S&P DJI makes cryptocurrency stand a chance of adoption by traditional finance. The move is birthed in the midst of the new surge in crypto market. Ether which runs next to Bitcoin rises above $3,400 on the 3rd of May.
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