Binance has announced the launch of the CoinMarketCap (CMC) Top10 Equal-Weighted Index, which tracks the performance of the top ten cryptocurrencies on CMC based on market capitalization.
According to the statement, the Equal-Weighted Index, which will be rebalanced regularly, is intended to assist investors in assessing pricing and performance. Beginning in November 2022, investors will be able to purchase the index products through Binance’s Auto-Invest service, beginning with the Top 10 Equal-Weighted Index.
Auto-Invest is a feature that allows you to automate the purchase of cryptocurrency. It employs a strategy known as dollar-cost averaging (DCA). You can use your BUSD or USDT balance to buy a cryptocurrency on a regular basis.
The Top 10 Equal-Weighted Index will track the performance of the top ten cryptocurrencies, such as Bitcoin and Ethereum, by market capitalization relative to the base fiat currency, the US dollar. Binance indices will use pricing data from crypto price tracker CMC, which the crypto exchange owns.
The basket of ten digital assets is evenly weighted and rebalanced monthly. A digital asset’s market capitalization is calculated by multiplying its price in USD by its current circulating supply.
Binance stated that the community could expect more from the index series in the future, which will include more digital assets in a diverse set of products.
Despite a bear market, Binance maintains its global expansion. It registered with New Zealand’s Ministry of Business, Innovation, and Employment in September and established local offices in the country.
As October began, the exchange opened two offices in Brazil, doubling the size of its local team. According to reports, the company still supports Tesla CEO Elon Musk’s $44 billion takeover bid for Twitter.
This recent announcement of the price index tools comes as the network completed its 21st quarterly Binance Coin burn, which eliminated roughly $547 million worth of BNB from its supply.
The price index tools were announced as the network completed its 21st quarterly Binance Coin burn, which removed approximately $547 million worth of BNB from its supply.
