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

Binance, the world’s largest cryptocurrency exchange by trading volume has announced that it will be launching its first index product.

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’.

Sponsored

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.”

  • 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.

For more on Binance’s expansion, read:
Binance Pool Unveils $500 Million Fund to Support Bitcoin (BTC) Mining

Sponsored

Get the full details of the $100 million BSC exploit:
BNB Chain Re-Activates From Shutdown Following ‘Potential Exploit’ of $100 Million

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia