Cryptocurrency is clearly becoming more popular as some of the world’s top financial publications, including Reuters and Bloomberg are adding new cryptocurrency indexes to their platforms.
Index = Higher Appeal for Crypto
With these, readers will be able to follow the plights and changes of their favorite cryptocurrencies, including Litecoin, bitcoin and Ethereum. They’ll be able to monitor how they’re doing in the digital asset market and see how much their prices have changed from one day to the next.
Moves like this are a testament to the growing popularity of cryptocurrency. If people weren’t interested in crypto and didn’t want to witness the ongoing changes, these indexes wouldn’t have been added. In addition, Bloomberg and Reuters boast wide levels of readership, so this is just more proof that crypto is suddenly reaching a larger audience.
The indexes are being placed on both publications through a venture known as Crypto Index, which seeks to provide details regarding the top 100 digital assets in the market today. CEO VJ Angelo comments:
The index is the culmination of three decades of experience in the financial services industry building indices. I have witnessed firsthand the growing demand for high-quality insight into the traditionally opaque and misunderstood area of cryptocurrency, which led me to create Crypto Index. Our index accounts for collective sentiments expressed on social media, in addition to complex data analysis of volume trades and predictive analytics.
Crypto Index considers and utilizes information from approximately 1,800 separate crypto analyses to arrive at the data it provides for customers. According to a press release, information is collected from social media platforms, along with cryptocurrency exchanges, Telegram and GitHub.
The release states:
Over 33 Terabytes of data is analyzed to extract over 200 factors that create a refined ranking in the index, which is then put into a neutral network to create a final rating of coins.
Bitcoin Is Growing Like Nobody’s Business
At press time, many cryptocurrencies are in the green and have gained solid hikes over the past few days. Bitcoin, for example, is currently trading at just shy of $8,200, which is about $400 higher than where it sat just a few days ago. Many had become worried that the recent bitcoin price recovery – which began in early April of this year – was suddenly coming to a standstill, but now the granddaddy of all crypto seems to be back on track with such an impressive gain.
Angelo further comments that the cryptocurrency index will be updated each month with new information gathered from the mentioned resources. Furthermore, the crypto index is built to spot “trading data that has been inflated.” Such information is not likely to present accurate or correct figures, and thus will not be included in the index’s final data offerings.