July 20, 2024

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Binance CoinMarketCap Index Series kicks off by tracking top 10 cryptocurrencies

2 min read
Binance CoinMarketCap Index Series kicks off by tracking top 10 cryptocurrencies

Crypto exchange Binance announced that it will launch its first index product, the Top 10 Equal-Weighted Index, to kick off its Binance CoinMarketCap Index Series.

The Top 10 Equal-Weighted Index will monitor the performance of the industry’s top 10 cryptocurrencies by market capitalization, including Bitcoin (BTC) and Ether (ETH). Binance’s indexes will utilize pricing information from crypto price tracker CoinMarketCap, which the crypto exchange owns.

According to the announcement, the Equal-Weighted Index will be rebalanced monthly and is designed to help investors evaluate price and performance. The index products, beginning with the Top 10 Equal-Weighted Index, will be available to investors starting in November 2022 through Binance’s Auto-Invest service.

Binance said that the community can expect more from the index series in the future, which will encompass “more digital assets in a diverse set of products.”

Related: BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M

Despite a long, harsh crypto winter, Binance and other major crypto-industry giants have been developing their service offerings to the broader community.

A recent Q3 2022 report from Web3 development platform Alchemy reported that this year could be the biggest year ever for development in the Web3 space.

Binance recently expanded its service offerings in multiple markets around the world. On Oct. 6, Kazakhstan granted the exchange a permanent license to offer digital asset services, while in the Middle East, it reported a 49% surge in regional user sign-ups in 2022.

This recent announcement of the price index tools comes as the network completed its 21st quarterly BNB (BNB) burn, which eliminated roughly $547 million worth of the coin from its supply.