Buy Crypto
Flash news
copy link
create picture

Binance Launches CoinMarketCap (CMC) Index Series Tracking Top 10 Cryptos

Milko Trajcevski - Dailycoin
2022-10-17 12:00
Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research. See full terms here.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will be launching its first index product that will track the top 10 biggest cryptos, as ranked by their market capitalization.

Binance Launches First Index Product

On Monday, October 17th, Binance announced the launch of its first index product, the ‘CoinMarketCap (CMC) Top 10 Equal-Weighted Index‘, which the exchange says will be the first in its ‘Binance CMC Index Series’.
As per the announcement, the index will track the performance of the top 10 cryptos ranked by market capitalization. The index will utilize pricing information from CMC, the world’s most-referenced cryptocurrency data tracking site owned by Binance.

What to expect

Starting in November, the index will be integrated into Binance’s auto-invest feature. This will allow users to automate and diversify their cryptocurrency portfolios using the dollar-cost averaging (DCA) strategy.
The ‘Equal-Weighted Index‘ will be rebalanced monthly, and is designed to help investors evaluate price and performance. Furthermore, users can expect additional indices to be launched in the future to encompass “more digital assets in a diverse set of products.”

On the Flipside

  • Binance recently carried out a hard fork following the recent $100 million BNB Smart Chain hack in order to secure it from further attacks.

Why You Should Care

The index is positioned to provide a better way for investors to monitor and evaluate the performance of the crypto market, thereby facilitating easier, more efficient research and purchase capabilities.
View full text