VegaX Index Launch: Crypto100X — VC100X 📈
VegaX, a developer of next-generation indices and financial products focused on the cryptocurrency market, has launched a new Crypto 100 Index. The VegaX Crypto 100 Index (VC100X) is designed to track the top 100 cryptocurrencies. The digital assets included in the index will be selected based on market capitalization. VC100X aims to be the premier benchmark for the best performing cryptocurrencies in the market.
The Growth Of The Crypto Market
Cryptocurrencies have experienced significant growth in recent years, becoming a $1 Trillion+ asset class in just over a decade. This growth has led to 10,000 tokens being minted. With so many tokens in the market, investors, especially those who are new to cryptocurrency, may have a difficult time determining which ones to invest in. That’s why VegaX developed this new index that tracks the top 100 cryptocurrencies, so investors don’t have to choose.
Along with the growth in the crypto market, blockchain has evolved from a fringe technology to an innovative invention creating change in finance (through DeFi), currency (Through BTC and other cryptocurrencies), and media (through NFTs).
The Current State Of The Crypto Market
Bitcoin, once the most dominant cryptocurrency by far, has revoked some of that dominance recently. In fact, Bitcoin’s dominance has dropped below 50%, leaving room for the development and growth of other cryptocurrencies.
There are now over 60 tokens with a market cap of at least $1 Billion, and over 200 tokens with a market cap of at least $100 million. Bitcoin is no longer alone at the top, and with so many different tokens reaching considerable market capitalizations and valuations, it’s easy to see the need for an index like the VegaX Crypto 100 Index.
How VC100X Will Work
The VC100X prices calculated will be the closing price every day and prices will be gathered from the Binance.com API due to Binance’s presence as one of the largest cryptocurrency exchanges. The index will be calculated and rebalanced daily at 0:00 UTC and the index will be reviewed every month by the VegaX team to determine if data modifications are required. Any updates will be reflected on the VegaX website and on Medium (VegaX Holdings).
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