One of the leading cryptocurrency exchanges, Binance, has announced plans to launch coinmarketcap index with a view to tracking and providing real-time analytics on top ten cryptocurrencies.
The announcement reveals that the plan will commence by November 2022 when the top ten Equal-Weighted Index will be made available to investors via Auto-Invest. This will be the first index product to be rolled-out by the largest crypto exchange Binance.
Some of the areas of coverage of the Index report will capture the performance of the top ten cryptocurrencies by market capitalization. These include but are not limited to Bitcoin, Ethereum, BNB, among others.
Binance will also make use of pricing information from crypto price tracker CMC, which invariably means that there will be an interconnection between the exchange and CoinMarketCap.
However, the Equal-Weighted Index will also be rebalanced monthly bearing in mind the reactions and feedback from investors. The service will be anchored on Binance’s Auto-Invest service.
Meanwhile, Binance enjoins its community to look forward to seeing broader coverage in the future as the exchange expands to accommodate other digital assets in the crypto industry.
The exchange believes that monitoring the volume of an asset can be useful in ascertaining trends and knowing the potential points of reversal by investors.
Development In Web3 Space Rises
Despite an apparent bear market and harsh crypto winter, it appears there is no reduction in the volume of developments being recorded in the Web3 space.
According to the Web3 development platform, Alchemy, 2022 could be regarded as the biggest year on record for project building and development in the Web3 space as per the Q3 report.
Recall that Binance recently extended its tentacles into the Kazakhstan market following an approval license granted to the exchange to operate digital asset services by the authorities.
Given its expansion, the exchange recorded a 49% surge in regional user sign-ups across the Middle East in 2022.
In the same vein, rival exchange Coinbase is not relenting as regards Web3 development. The exchange was recently issued a Digital Payment Tokens (DPT) license by Singapore’s central bank to commence operation.
