Nasdaq Includes AI-Powered Index CIX100 in its Top 100 Coins
Nasdaq, the 2nd biggest stock exchange in the world, has listed the well-known cryptocurrency data provider Cryptoindex’s CIX100 index powered by Artificial Intelligence. The update was shared through an official press release dated October 15, 2019.
A cryptocurrency market benchmark
CIX100 has become a benchmark in the cryptocurrency market as it utilizes an algorithm based on a neural network for analyzing data for the topmost 100 digital currencies. The index analyzes and filters the crypto data after considering more than 200 factors.
In addition to that, it apparently employs an exclusive formula that is designed in such a way that all the coins with forged rankings and volumes get excluded. The tool is human-free and is targeted at both the professional investors and new entrants in the industry.
As the press release notes, this AI-powered index derives data from 9 biggest digital currency exchanges from across the world. It also considers trade results, data from social media, as well as news releases. Moreover, only those coins that have succeeded in finding a place in the top 200 consistently for a minimum of 3 consecutive months get added in the index, which is rebalanced every month.
It is vital to note that prior to the Nasdaq listing, Cryptoindex CIX100 got listed on TradingView, Bloomberg, and Reuters. Apparently, it has also gained over 1100 percent since its formation in the month of May 2017. The data aggregator’s AI-powered price predictions are 82 percent accurate on a daily average.
The firm seems to be excited to have acquired a listing on Nasdaq, which they believe would place them as a prime crypto indices player. Austin Kimm, Cryptoindex’s advisor, expressed that the team was honored with this listing since Nasdaq is considered an important platform when it comes to monitoring classical indices for the institutional investors.
Adding further, Kimm said that their firm’s methodology not only meets the requirements of extremely regulated asset managers but also of professional and institutional investors.