Bloomberg Galaxy Crypto Index?

Bloomberg, together with Galaxy Digital Capital Management LP, a leading digital asset management firm founded by Michael Novogratz, today launched the Bloomberg Galaxy Crypto Index (BGCI). The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including Bitcoin, Ethereum, Monero, Ripple, and Zcash. The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.

The creation of the index marks an important step in the evolution of the digital assets space, facilitating diversified exposure as well as independent benchmarking for investors, the companies said. The BGCI utilizes a rules-based methodology and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management’s due diligence processes.

The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management. As a new member of the Bloomberg index family, the BGCI offers the first institutional grade benchmark for the cryptocurrency market.

What do you guys think!? Leave a comment below👇