Nasdaq adds new cryptocurrency index

Posted 16 October, 2019

Nasdaq's second-largest stock exchange added an index based on 100 crypto assets called CIX100. When creating the tool, neural network algorithms were used, which helped to form the top 100 cryptocurrencies, based taking into account over 200 factors.

“We make sure our index includes only [coins] that have no fake volume, have no manipulation, that come from scrupulous companies.” - Cryptoindex Project Manager Kirill Marchenko told. 

The developers of the tool, the company CryptoIndex, believe that this method helped exclude coins with fake trading volumes from the index. It is also known that the index uses data on transactions on the nine largest bitcoin exchanges and analyzes information from social networks and the media.

CIX100 can only include information on coins that have been in the top 200 for more than three months.The tool is aimed at both professional investors and new players in the digital industry.

It is worth noting that this is not the first cryptocurrency index that the stock exchange added. Earlier, Nasdaq launched an index supporting decentralized finance. Nasdaq also decided to display the XRP index.

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