S&P Dow Jones Indices, a major global resource for index data and research, presented its first cryptocurrency indices against a backdrop of recovering crypto markets.
The company announced Monday that it has launched three crypto indices linked to the performance of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).
Newly introduced indices include the Bitcoin-based S&P Bitcoin Index (SPBTC), the S&P Ethereum Ether-based Index (SPETH) and the S&P Cryptocurrency MegaCap Index (SPCMC), which is designed to track the performance of BTC and ETH. weighted by market capitalization. All three indices are immediately available on the S&P DJI website.
The company pointed out that the new crypto indices are designed to measure the performance of crypto assets listed on recognized and open exchanges that meet minimum liquidity and market capitalization requirements. “The indices aim to bring transparency to the emerging cryptocurrency market,” noted S&P DJI.
According to the announcement, benchmark and pricing data for S&P crypto is provided by crypto accounting and data firm Lukka. The company is backed by S&P DJI’s parent company, S&P Global, as well as billionaire investor George Soros and accounting consultant CPA.com.
S&P DJI initially announced plans to launch cryptocurrency indices at the end of 2021, targeting coverage of up to 550 digital assets.
S&P DJI’s latest move into the crypto market marks a milestone for the adoption of cryptocurrency by mainstream finance. The move comes amid a renewed rally in the crypto markets, with Ether – the second largest crypto by market cap – hitting a new all-time high above $ 3,400 on Monday.