Beijing-based crypto mining giant Bitmain has unveiled its own cryptocurrency index. Dubbed the Bitmain Big 10 Index (BLC10), it will track the ten biggest cryptocurrencies in terms of market capitalization.
According to the announcement, the index will track the performance of the “largest and most liquid” cryptocurrencies and pulls data from exchange sources that include Bitfinex, Binance, Bitstamp, Bittrex, GDAX, Gemini, Huobi, Itbit, Kraken, OKEx and Poloniex. Bitmain explains that the exchanges are selected based on several factors such as reputation, price transparency, compliance level, stability and trading volume.
The index further publishes both real-time spot price, that’s updated every second, and a combined Bitmain Big 10 Index that’s based on the ten biggest cryptos.
“The index is developed to provide institutional and retail investors with transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally,” Bitmain explains in its index methodology.
A committee set up by Bitmain will review the index monthly.