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Nasdaq Lists an AI-Powered Index of Crypto Market's Top 100 Performers
The Nasdaq stock exchange has listed an index of crypto’s top 100 coins alongside traditional market bellwethers like the S&P 500 and the Dow.
By Danny Nelson
Updated Sep 13, 2021, 11:35 a.m. Published Oct 16, 2019, 8:00 a.m.
The Nasdaq stock exchange has listed an index of crypto’s top 100 coins alongside traditional market bellwethers like the S&P 500 and the Dow.
Powered by artificial intelligence, the CIX100 is designed by Cryptoindex.com to give Wall Street traders a quick and comprehensive view of the crypto markets’ real-time performance, the company said.
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The index had previously been listed by Reuters, Bloomberg and Tradingview.
And it works without human intervention, according to Cryptoindex.com. The index's "Zorax" algorithm trawls through data from over 1,800 tokens to develop a live account of the marketplace, free of inflated offerings.
“We make sure our index includes only [coins] that have no fake volume, have no manipulation, that come from scrupulous companies,” Cryptoindex Project Manager Kirill Marchenko told CoinDesk.
The CIX100 does so with layers of neural networks, benchmarks and other features, Marchenko said. Coins must remain among the top 200 by market cap for at least three months to be considered by the AI.
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The listing is another sign of crypto’s march toward the mainstream.
“We’ve become a more accessible and convenient financial instrument for all types of investors, not only professional," Marchenko said.
Nasdaq image via Shutterstock
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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