Founded by billionaire hedge fund manager Michael Novogratz, Galaxy Digital Capital and Bloomberg are launching the Bloomberg Galaxy Crypto Index (BGCI) to track the market capitalization performance of the ten most popular cryptocurrencies, including bitcoin, ethereum, monero, ripple and zcash.
BGCI offers the first benchmark index for the cryptocurrency market. “Index components are diversified across various digital asset categories, including stores of value, media of exchange, smart contract protocols and privacy,” the company states. The index is owned and managed by Bloomberg Index Services Limited in collaboration with Galaxy Digital Capital Management.
As of May 3, the weight of each cryptocurrency in the index is as follows:
30% each - bitcoin and ether
14.13% - ripple
10.63% - bitcoin cash
6.11% - EOS
3.77% - litecoin
1.67% – dash
1.66% – monero
1% ethereum classic and zcash.
“We hope that this index will become a benchmark for the entire crypto space. The BGCI index will ensure transparency of the cryptocurrency market. It is virtually necessary for every investor to have at least 1% to 2% of crypto assets in their portfolio,” Novogratz emphasizes.
Last November, Novogratz told CNBC that “the price of Bitcoin could very well be $40,000 at the end of 2018.” year, and the price of Ethereum, which just reached $500, could triple.”
According to https://news.bitcoin.com
You May Also Like
Financial sharks do not advertise their activities
A recent internal report by The Economic Times (India) revealed a major US-based investment firm that is leading the charge to bring cryptocurrency trading to the traditional stock market. Of course, this initiative comes with many challenges and difficulties, but the integration of digital currencies on major stock exchanges is what many investors are looking for and something that will bring enormous benefits to the entire industry.
Ecological mining without miners?
Cryptocurrency mining consumes a huge amount of electricity, and this is no secret. Many aspiring miners have been stopped by huge electricity bills. However, simply mining Bitcoin in countries with cheap electricity is not the answer, as cryptocurrency mining drains the earth's resources, whether it's expensive or not.
