In a recent press release, Binance, one of the largest cryptocurrency exchanges in the world by market capitalization and transaction volume, announced its launching of a cryptocurrency index series in cooperation with the popular crypto-tracking service CoinMarketCap.
The Binance CoinMarketCap (CMC) Index Series is designed to enable users to evaluate and monitor the overall crypto market conditions to make easier investing decisions. The new index will be using crypto price data provided by CoinMarketCap.
It can be recalled that Binance has acquired coinmarketcap.com, one of the world’s most well-known cryptocurrency data tracking site in 2020.
In its report, Binance disclosed that “The new Index tracks the performance of the top 10 digital assets by market capitalization relative to the base fiat currency, the US dollar.”
According to the announcement, the Equal-Weighted Index will be rebalanced monthly and is designed to help investors evaluate price and performance. The index products, beginning with the Top 10 Equal-Weighted Index, will be available to investors starting in November 2022 through Binance’s Auto-Invest service.
It will be expected that in the future, the Binance community can expect more products from the index series, which will cover more digital assets in a diverse set of choices.
