A well-known fund manager Michael Novogratz has launched a cryptocurrency benchmark in partnership with Bloomberg. The benchmark, designed to track the performance of the cryptocurrencies.
Galaxy Digital Capital Management and Bloomberg announced on Wednesday the launch of a cryptocurrency benchmark index called Bloomberg Galaxy Crypto Index (BGCI).
BGCI in an announcement:
The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.
The company also explains that:
The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.
BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash.
The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets.