Binance CoinMarketCap Index Series kicks off by tracking top 10 crypto
Crypto exchange Binance announced it will launch its first index product, the Top 10 Equal-Weighted Index, to kick off its Binance CoinMarketCap (CMC) Index Series.
The Top 10 Equal-Weighted Index will monitor the performance of the industry’s top 10 cryptocurrencies by market capitalization, such as Bitcoin (BTC) and Ethereum (ETH). Binance indices will utilize pricing information from crypto price tracker CMC, of which the crypto exchange is the owner.
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.
In the future, Binance says the community can expect more from the index series, 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 and harsh crypto winter, Binance and other major crypto-industry giants have been developing their service offerings to the wider community.
A recent Q3 2022 report from the Web3 development platform Alchemy reported that this year could actually be the biggest year on record 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 Binance Coin (BNB) burn, which eliminated roughly $547 million worth of BNB from its supply.