CoinDesk it’s releasing the CoinDesk Market Index(also, called: CMI) with the purpose of helping crypto traders to invest their money, and avoid risks using stable pairs, for example, BTC/USDT, BTC/ETH, USDT/ETH, etc.
In this article, you will understand how it works, and why this is so revolutionary in the cryptocurrency industry.
How does it work?
CoinDesk Market Index will have approximately 148 tokens in the beginning, these are the reasons they are releasing this amount of tokens:
- To be inclusive;
- To get different data about cryptocurrencies/tokens;
- To attract different users;
- To follow examples ike Bloomberg Galaxy, CF Benchmarks, Nasdaq, Solactive, MarketVector, MSCI, and S&P but in a cryptocurrency market context;
- To be simple for beginners/advanced traders to measure the success of their trading transactions
In the beginning, CMI will follow the two most famous cryptocurrencies: Bitcoin, and Ethereum to measure data and avoid other coins/tokens for the simple reason to get more mainstream, and popular for different types of investors(e.g: Conservative investors, beginners, etc).
‘’Any person interested in managing their digital assets can be our client’’ says Jodie, ‘’People interested in different ideas to manage trading risks, and measure their success into a trading pair can be added as an investor’’.
How a coin/token can be added to the website?
Unfortunately, they are not sharing at the moment what are the best steps that a coin/token needs to follow to be added in their website.
However, they have shared a general idea of what they are searching for: ‘’To be added each of digital assets must have to be a price historic of 30 days in at least two qualified Exchanges’’.
Probably these two Exchanges are: Binance and Coinbase since most of the coins/tokens increase their prices after being listed in each one of them.
At the moment I’m writing this text we don’t have much idea if the CoinDesk team will include other digital assets, but this is probably true because there are more than 20.000 cryptocurrencies available, and adding only 180 tokens will be a waste of time.
What do I think about this crypto tool?
In my opinion, all the data types used to create the details available at CMI can be researched in different ways, for example: Through books, Lectures, Youtube videos, etc.
But this doesn’t mean that they aren’t revolutionary to share this crypto tool.
With more, and more tools available to the people their trading success it will be simple, and easier.
We don’t have to forget about Token Sniffer if we can use at the same time CMI and other crypto tools.
There are different cryptocurrency websites to get knowledge, CoinDesk is one of them.
And after they release CMI, it will be simple and very intuitive to get more profits with the cryptocurrency industry.