[2018-05-10] Mike Novogratz Launches Benchmark Index of 10 Cryptocurrencies

[Terraformer]

Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception.

New Crypto Index

Galaxy Digital Capital Management and Bloomberg announced on Wednesday the launch of a cryptocurrency benchmark index called Bloomberg Galaxy Crypto Index (BGCI). Galaxy Digital Capital Management LP is an asset management firm dedicated to the digital currency and blockchain sectors founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds and a former Partner at Goldman Sachs.

Citing that “the BGCI offers the first institutional grade benchmark for the cryptocurrency market,” the announcement details:

The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.

“The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets,” the companies explained. “The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management.”

Continue reading >> https://news.bitcoin.com/novogratz-benchmark-index-cryptocurrencies/

[TraderTimm]

Better link, since people still push Ver's camped .com domain for news stories -- like complete fucking idiots.

https://www.bloomberg.com/company/announcements/bloomberg_galaxy_launch_cryptocurrency_index/

[jjacob]

An index is good for the crypto world, since it helps track the relative return of their investments. A couple of years ago, the crypto world was synonymous with Bitcoin. This is no longer the case, with Bitcoin’s dominance plummeting to less than 40%

[Karartma1]

Bitcoin should count for more than 30% and certainly not being compared to Ethereum. Come on, from a security level there's no comparison between ETH and BTC.