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. 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. cryptocoin.com As we have also reported, the 21st BNB burn took place. Thus, approximately $547 million worth of BNB came out of the network’s supply.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.