Crypto exchange Binance announced it will launch its first index product, the Top 10 Equal-Weighted Index, to kick off its Binance CoinMarketCap (CMC) Index Series.
The Top 10 Equal-Weighted Index will monitor the performance of the industry’s top 10 cryptocurrencies by market capitalization, such as Bitcoin (
) and Ethereum (
). Binance indices will utilize pricing information from crypto price tracker CMC, of which the crypto exchange is the owner.
According to the announcement, the Equal-Weighted Index will be rebalanced monthly and is designed to help investors evaluate price and performance. The index products, beginning with the Top 10 Equal-Weighted Index, will be available to investors starting in November 2022 through Binance’s Auto-Invest service.
In the future, Binance says the community can expect more from the index series, which will encompass “more digital assets in a diverse set of products."
Related: BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M
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