Financial index provider S&P Dow Jones has launched five new cryptocurrency indices, according to a company statement, bringing its total number of crypto indices to eight.
- The most significant of these new indices is the Cryptocurrency Broad Digital Market (BDM) Index, which includes more than 240 coins and can be used for a broad understanding of the market as a whole.
- The remainder of the indices are subsets of the BDM, measuring different components of the market to exclude larger tokens covered in other indices. Dividing the indices in this way provides greater specificity for smaller tokens while still measuring the larger ones.
- S&P launched its first three crypto indices in May, for Bitcoin and Ethereum as well as a Cryptocurrency MegaCap Index, the latter measuring the combination of BTC and ETH. Data for the indices will come from Lukka Prime, a crypto software and data provider.
- “The expansion of our Digital Market Indices family gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices, said in a statement. “We’re excited to bring this significant level of additional transparency to the cryptocurrency market.”