Bithumb, South Korea’s crypto exchange concerning its trading volume launched two new cryptocurrency market indices. The former index will work at tracking the coins on the exchange, whereas the other can only track altcoins. The announcement on the launch released on Wednesday about the Bithumb Crypto Index (BTCI) which will include two separate indices.
Meanwhile, Upbit, another largest crypto exchange of the country in reference to the number of coins listed also has two indices similar to the pattern which will launch by Bithumb and there will also be sub-indices and will categorize in three detailed spectrums.
According to Bithumb, they stated, “BTCI (Bithumb Crypto Index) has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI)…and Bithumb Altcoin Market Index (BTAI).”
BTMI calculates on the basis of listed cryptocurrencies on Bithumb. It focuses on providing the price range and changes overall in the cryptocurrency market. The Korean exchange started to calculate BTCI from July 1 and shows real-time calculations, and the information is updated every ten seconds. On the other hand, the BTAI calculates all non-bitcoin cryptocurrencies listed on the exchanges. And as a reason, it provides information about the price changes occurring in the cryptocurrency market, except for bitcoin.
According to CoinMarketCap, Bithumb is currently the largest crypto exchange of South Korea, with regard to its trading volume. The report shows that it has 53 listed cryptocurrencies and has the round-the-clock trading volume accounting to $726,488,270 (at the time of press).
The Upbit, another largest crypto exchange of the country regarding coins listed, also provides similar crypto market indices known as the Upbit Cryptocurrency Index (UBCI). However, the indices are implemented since last May and have therefore generated an in-depth construction of the major indices in itself. The index further groups in two chief indices called Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). These two major indices are also stemmed further with more than twenty sub-indices following an extensive stem of crypto indices. These are generally categorized in three major domains to distinguish their purposes which are strategy, theme, and market.
As the index details, the purpose of such program is to deliver the latest prices to the public which can help the investors to comprehend the movements of the crypto market at “quick glance.” The focus of UBCI is to provide a reliable standard of the crypto market to its investors and help them to choose better. Moreover, the company is planning on improving their platform in a way that it can also help the global market, as it only limits for the Korean market as of now.