This is a great index. Most of the other indices out there (the Bloomberg/Galaxy index comes to mind) are weighted heavily toward a few coins. And they don't adjust for changes in market cap over time.
Have you done any work with regard to the ability to create a product which mimics the index (based on liquidity, custody, trading costs), I'm wondering whether it is realistic to create a fund to track this index, and what you think tracking error would be with such a product. I'm assuming you would rebalance that portfolio daily or weekly or based on subscriptions or redemptions to the fund.
Either way, as you point out, this is a much better data set than looking at total market cap. I just read the thesis on your website. Can I ask why you chose the index base that you did - i.e. why Laspeyres instead of Paasche)?
You are the OP. Why are you asking yourself questions?
