Bithumb Launches Two Cryptocurrency Market Indices
The largest cryptocurrency exchange in South Korea, Bithumb, has decided to launch two market indices related to virtual currencies. One of them will be tracking all the coins listed on the exchange while the other will be tracking altcoins.
The information has been released on Wednesday by Bihumb. The indices are going to be called Bithumb market Index and Bithumb Altcoin market Index.
On the matter, the exchange explained:
“BTCI has been developed in consideration of market representation and liquidity to provide investors with a single indicator that can show the trends of the cryptocurrency market. It consists of Bithumb Market Index (BTMI) and Bithumb Altcoin Market Index (BTAI).”
The BTMI takes into account the cryptocurrencies that are listed on Bithumb. At the same time, the BTAI is going to analyse the altcoins listed on the trading platform.
As reported by CoinMarketCap, Bihumb has the largest trading volume in South Korea and it’s also one of the most important all over the world. Upbit is also a recognized exchange in South Korea and all over the world.
Upbit has also its own indices known as the Upbit Cryptocurrency Index (UBCI). The index has two other indices, the Upbit Market Index (UBMI) and the Upbit Altcoin Index (UBAI). The exchange also offers 20oher sub-indices that are grouped into three categories: market, theme and strategy.
These indices in both exchanges are going to help investors in the country to make better decisions when trading virtual currencies. According to CoinMarketCap, Upbit had a trading volume of $327 million dollars in the last 24 hours. The most important trading pairs are XRP/KRW, BTC/KRW and TIX/KRW accounting for 45% of the total trading volume on the platform.