S&P Dow Jones Indices Launches S&P Cryptocurrency BDM Index
By Crypto Global News
S&P Dow Jones Indices, a leading index provider, announced on Tuesday that it has launched its brand-new crypto index, S&P Cryptocurrency Broad Digital Market (BDM) Index. According to the press release, the BDM index measures the performance of over 240 coins in the crypto sphere, as the launch is part of the expansion of the index provider into digital asset benchmarks.
Together with the S&P Cryptocurrency Broad Digital Market Index, S&P Dow Jones Indices deployed the following ones: S&P Cryptocurrency BDM Ex-MegaCap Index, S&P Cryptocurrency BDM Ex-LargeCap Index, and S&P Cryptocurrency LargeCap Ex-MegaCap Index. In addition, as of press time, the index provider has crypto benchmarks on its portfolio of offerings such as S&P Bitcoin Index, which measures the performance of Bitcoin (BTC); S&P Ethereum Index, which measures the performance of Ethereum (ETH); S&P Cryptocurrency MegaCap Index, which tracks the performance of Bitcoin and Ethereum digital assets.
“For more than a century, our indices have offered insight into how the markets are performing. Now, with the introduction of the S&P Cryptocurrency Broad Digital Market Index, we’re providing that answer to cryptocurrency investors. The expansion of our Digital Market Indices family gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap. We’re excited to bring this significant level of additional transparency to the cryptocurrency market,” Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, commented.
Furthermore, the indices use pricing data from the crypto software and data provider, Lukka. In fact, at the end of last year, the S&P Global Inc division announced that it partnered with Lukka to source the data of more than 550 top traded virtual currencies. The index provider specifically uses Lukka’s aggregated data services, like Lukka Reference Data and Lukka Prime.