S&P Dow Jones Indices, the world’s leading index provider, announced Tuesday the launch of five new cryptocurrency indices. The company now has eight cryptocurrency indices in total.
The first newly added index is the “S&P Cryptocurrency Broad Digital Market (BDM) Index,” which “provides a wide performance snapshot of the cryptocurrency market and includes more than 240 coins at launch,” the announcement details.
The other four new crypto indices are subsets of the BDM. The first of the four is the “S&P Cryptocurrency Largecap Index” which “measures the performance of the constituents with the largest market capitalization.”
The second subset is the “S&P Cryptocurrency BDM Ex-Megacap Index” which excludes the constituents of the S&P Cryptocurrency Megacap Index. The crypto megacap index measures the performance of bitcoin (BTC) and ether (ETH).
Another index beinglaunched is the “S&P Cryptocurrency BDM Ex-Largecap Index” which excludes the constituents of the S&P Cryptocurrency Largecap Index.
The fifth index launched is the “S&P Cryptocurrency Largecap Ex-Megacap Index” which measures the performance of the constituents of the S&P Cryptocurrency Largecap Index, excluding the constituents of the S&P Cryptocurrency Megacap Index.
The new indices join three existing “S&P Digital Market Indices” launched in May. They are the “S&P Bitcoin Index,” “S&P Ethereum Index,” and the aforementioned “S&P Cryptocurrency Megacap Index.”
Peter Roffman, global head of Innovation and Strategy at S&P Dow Jones Indices, commented: “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. We’re excited to bring this significant level of additional transparency to the cryptocurrency market.”