Bloomberg and digital asset manager Galaxy Digital Capital Management have launched an index that tracks the performance of ten cryptocurrencies traded in US dollars.
According to the US-based companies, the new Bloomberg Galaxy Crypto Index (BGCI) is “the first institutional-grade benchmark” for the cryptocurrency market, and an “important step” in the digital assets space.
The benchmark is designed to track the performance of the largest, most liquid portion of the cryptocurrency market, they say in a joint statement on May 10.
The cryptocurrencies it tracks include bitcoin, ethereum, monero, ripple and Zcash.
The index is diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets, according to the companies.
Alan Campbell, global product manager for Bloomberg Indexes, believes the new benchmark reflects a 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,” he says.
The companies say the benchmark uses a rules-based methodology and data from sources that have passed both of their due diligence processes.
“The index’s independent, rules-based methodology provides a strong foundation on which the cryptocurrency ecosystem will continue to grow and mature,” says Steve Kurz, head of asset management at Galaxy Digital Capital Management.
The index is owned and administered by Bloomberg Index Services Limited.
