Novogratz and Bloomberg Launch Crypto Performance Index

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