Bithumb, the largest crypto exchange in South Korea, announced it has launched two crypto market indices. The first one tracks all the coins listed on the exchange. The second one will be tracking only altcoins. In the past, Upbit, another exchange in the country, launched different indices related to virtual currencies.
Bithumb’s Cryptocurrency Indices
Last week, Bithumb announced the launch of the Bithumb Crypto Index that is divided into two indices. These indices are known as Bithumb Market Index (BTMI) and Bithumb Altcoin Market Index (BTAI).
The company wrote about them:
“BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI), and Bithumb Altocoin Market Index (BTAI).”
The BTMI follows all virtual currencies that are listed on the Bithumb exchange. The second one, the BTAI, focuses on all non-bitcoin cryptocurrencies. With the BTMI, users will be able to have an overall view of the price changes in the virtual currency market. Moreover, with the BTAI, users can follow price changes in the market excluding Bitcoin.
Additionally, the index is updated every 10 seconds and has information since July 1.
According to CoinMarketCap, Bithumb is one of the largest exchanges in the world. In the last 24 hours, the exchange handled $852 million dollars in trading volume. The most traded pairs at the exchange are XMR/KRW, BTC/KW and ZEC/KRW accounting for 80% of the total trading volume in the platform.
Bithumb is not the first exchange that decided to launch crypto indices. Upbit, a popular exchange in South Korea, has also a crypto index called Upbit Cryptocurrency index (UBCI). This index is separated into two main indices the Upbit Market Index (UBMI) and the Upbit Altcoin Index (UBAI). In addition to those, there are other 20 sub-indices related to market, theme and strategy.
“The UBCI will become a standard in observing the whole cryptocurrency market,” Lee Seok-woo, president of Dunamu Inc. said. “We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.”
In the future, new Indices could be created to track virtual currencies and their performance.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
