Crypto Index Enters the Mainstream as NASDAQ Lists it for Top 100 coins

NASDAQ Testing Bitcoin Product Under the CXERX Symbol

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The NASDAQ stock exchange, the second largest in the world, has announced that it is listing CIX100 on its platform.

It is a good development for the cryptocurrency as crypto indices are gradually taking shape into the mainstream.

CIX100 is a crypto analyzer. It analyzes crypto data and filters it using more than 200 indicators. It evaluates the coins with a unique formula, which removes fake coins from the volume.

NASDAQ has seen the overall importance of the activities of CIX100, which is why it has agreed to list it on its trading platform.

After it has completed the filtering, the AL algorithm then checks the data over the largest cryptocurrency exchanges, and through news feeds like GityHub and Twitter.

With the analyzed information, the AI algorithm conducts a selection process to trim the numbers of coins from more than 2,500 to 200.

The pre-selection process considers only coins that have been in the top 200 for the past three months.

After selecting the 200 major coins, it still breaks down the number down to 100 using a similar analytics process. Apart from the analysis, the AI equally predicts price movement. It claims to provide a daily accuracy level of about 82%.

Austin Kimm, the Crypto Index advisor, says that the company’s collaboration with NASDAQ is an indication that the company plays a key role in the crypto indices.

According to him, the Crypto Index is pleased to get listed on NASDAQ. The firm’s setup is in line with the requirements of professional investors, institutional investors, and heavily regulated asset managers.

The CIX100 index provides important information on the past performance and current position of top coins in the cryptocurrency market.

How CIX100 is performing on NASDAQ

Currently, the AI has a bearish movement on NASDAQ. The firm said the company had posted a return of 1100% since its public offering from May 2017.

The company is designed to keep out coins with fake rankings and volumes, as it looks into both professional investors and industry newcomers.

The company wants to maintain its long-standing reputation by analyzing only the most genuine coins in the market.

According to a press release on October 15, the company captures its data from nine of the biggest cryptocurrency exchanges in the world.

It also includes news from social media, news releases, and millions of trades daily.

According to a report, Cryptocompare and NASDAQ went into partnership in June to target some institutional investors.

Around February this year, NASDAQ listed two cryptocurrency prices indices from the crypto and blockchain market.

Cryptocompare has equally entered into a partnership with BiMEX, a crypto derivative portal, to design real-time cryptocurrency future datasets jointly.

The crypto index is already listed on Trading View, Bloomberg, and the Reuters.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.