More than 500,000 professional traders using Bloomberg and Reuters financial terminals will have 24-hour access to live information on the largest 100 cryptocurrencies as selected by Cryptoindex, an AI-powered index that continuously rebalances itself as the market ebbs and flows. Social trading platform TradingView has also added Cryptoindex to its portfolio of indices. This is a major development for the crypto market as it demonstrates how the industry has shifted from a trivial concept to now being a vital component of modern financial services.
Much like how the NASDAQ, DOW, S&P 500 and other well-established indices track the price performance of a basket of publicly traded companies, the cryptocurrency index of Cryptoindex operates in a very similar fashion. Announcing the partnership on Thursday, Cryptoindex is based on a list of over 1,800 cryptocurrencies that are filtered through a proprietary AI algorithm known as Zorax, which analyzes millions of transactions and news releases from the world’s largest cryptocurrency exchanges. The result is one diversified and cost-effective portfolio of the top 100 performing coins that offers traders an efficient way to participate in the overall crypto market’s growth.
Cryptoindex CEO VJ Angelo said in a press release Thursday: “I have witnessed firsthand the growing demand for high-quality insight into traditionally opaque, misunderstood cryptocurrency, which led me to create Cryptoindex. Our index takes into account collective sentiments expressed on social media, in addition to complex data analysis of volume trades and predictive analytics.”
Cryptoindex’s partnership with financial technology (fintech) leaders like Bloomberg, Reuters and TradingView demonstrates the need for cryptocurrency to be made accessible through the use of modern financial trading tools – enabling blockchain technologies to enter the mainstream.