The S&P Dow Jones has announced this week the addition of five new crypto indices, including an index that tracks over 240 coins. The indices join legacy financial indicators that have been paramount in the traditional markets, such as the S&P 500 and the Dow Jones Industrial Average.
The focal point of the five new indices is the S&P Cryptocurrency Broad Market Digital Index (BDM). This index will seek to provide a broad snapshot of the crypto market, and is the index tracking a hefty 240 coins at launch. At present time, there are approximately 275 cryptocurrencies with a market cap great than $100MM. However, the S&P Dow Jones has not disclosed if market cap will dictate selection criteria, at least for the BDM index.
The S&P Dow Jones only first expressed their intent to track crypto prices as recently as December 2020, and debuted Bitcoin and Ethereum price tracking indices just a couple months ago.