Crypto exchange Binance has launched the Binance CoinMarketCap (CMC) Index series. It announced that it will launch the Top 10 Equal Weighted Index, its first index product. The index includes altcoins such as AVAX, MATIC, ETH, BNB. Here are the details…
Binance AVAX announces index to track cryptos like ETH
The Top 10 Equal Weighted Index will track the performance of the top 10 cryptocurrencies by market cap, such as Bitcoin and Ethereum. The Binance index will use price information from Coin Market Cap, the data platform owned by the crypto exchange. According to the announcement, the Equal Weighted Index will be adjusted monthly. Overall, it was designed to help investors evaluate price and performance. Index products officially launched with this new product will be available to investors through Binance’s Auto-Invest service from November 2022. Auto-Invest is a feature that allows to automate cryptocurrency purchases. In the index in question, the following cryptocurrencies will be offered:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB Coin (BNB)
- XRP
- Cardano (ADA)
- Left (LEFT)
- Polkadot (DOT)
- Polygon (MATIC)
- TRON (TRX)
- Avalanche (AVAX)
That is, Binance includes the largest cryptocurrencies in the index, apart from meme coins like DOGE and SHIB, and US dollar-pegged stablecoins. If we look at the current market cap, Dogecoin (DOGE) is ahead of Polkadot with a market cap of $ 8 billion. Shiba Inu (SHIB) is ahead of Polygon with a market capitalization of $6.07 billion. However, both are not included in the index. The reason behind this may be that these coins are seen as more volatile than others.
Binance expands its operations
In the future, Binance says the community can expect more from this index series. Despite a long and harsh crypto winter, Binance and other major crypto industry giants are improving their services to the wider community. A recent third-quarter report from Web3 development platform Alchemy reports that this year may actually be the biggest on record for Web3 advancements.
Binance has recently expanded its service offerings in multiple markets around the world. On October 6, Kazakhstan granted the exchange a perpetual license to offer crypto-asset services. On the other hand, it reported a 49 percent increase in regional user registrations in the Middle East in 2022. This latest announcement of price index tools comes after a significant development regarding the exchange’s cryptocurrency, BNB Coin. As we have reported as Kriptokoin.com, the 21st BNB burn took place. Thus, approximately $547 million worth of BNB came out of the network’s supply.
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