New Cryptocurrency Index To Be Integrated With Reuters, TradingView And Bloomberg
There has been a recorded interest from many investors in the cryptocurrency sector especially with the state of the market this year as compared to 2018. The cryptocurrency market in 2019 has recorded significant inflow from individual and institutional investors even from traditional financial markets. Some of the big players in the traditional markets have been unable to ignore the general success of the 2019 crypto market and seem to now want a piece of the pie. This is probably the reason why Bloomberg, Thomson Reuters and also TradingView will be adding a cryptocurrency index for the top hundred assets in the market.
The index called the “CIX100” index will now be available on all three platforms. Designed by Cryptoindex – a platform powered by Artificial Intelligence (AI) to supply cryptocurrency indices – CIX100 will allow users of these three platforms see the first 100 of the best performing cryptocurrencies. The index will also only display cryptocurrencies who have been able to stay in the top 200 for at least three months consecutively. Other conditions state that the digital assets featured will have to be constantly traded on more than a few cryptocurrency exchanges and also have a “significant social media following.” The index is also going to be very accurate as it is designed to weed out fake or inflated data.
Speaking on the importance of Cryptoindex, CEO VJ Angelo explained that the AI powered service was necessary because there was an increased yearning from a lot of traditional players who had genuine interest in the cryptosphere. He said:
“The index is the culmination of three decades experience in the financial services industry building indices. I have witnessed first-hand the growing demand for high-quality insight into the traditionally opaque and misunderstood area of cryptocurrency, which led me to create Cryptoindex. Our index takes into account collective sentiments expressed on social media, in addition to complex data analysis of volume trades and predictive analytics.”
The index selects the best 100 based on in-depth analysis of more than 1,800 digital assets using an exclusive algorithm known as Zorax. Using Zorax, the announcement says that:
“Over 33 Terabytes of data is analysed to extract over 200 factors that create a refined ranking in the index, which is then put into a neural network to create a final rating of coins.”
The Chief Strategy Officer at TradingView, Stan Bokov, spoke about TradingView’s integration of the CIX100. According to Bokov:
“Integrating the CIX100 Cryptoindex demonstrates TradingView’s commitment towards moving fintech forward. Data is rapidly becoming a commodity in its own right, and access to it will define future companies’ success. We aim to ensure that this is maintained well for all.”
Other Indices And Analyses
Earlier this year, two important indices gotten from the popular crypto data provider, CoinMarketCap, launched on feeds from Bloomberg, Thomson Reuters, Nasdaq Global Index Data Service (GIDS) and also Börse Stuttgart from Germany. The two indices include CMC Crypto 200 Index (CMC200) and CMC Crypto 200 ex BTC Index (CMC200EX) with the former including Bitcoin and the latter without. The second was necessitated by the fact that Bitcoin’s dominance of the cryptocurrency market was at least 50 percent at the time.
In April, Nasdaq also added to its platform, the XRP Liquid Index (XRRLX) while Coin Metrics, earlier this month, acquired Bletchley Indexes, a cryptocurrency index firm, as part of its intention to make smart crypto beta indices available.
Also Nasdaq and CryptoCompare have entered an official partnership for the launch of a crypto pricing service with a focus on institutional investors.