Huobi Launches New Consolidated Cryptocurrency Index
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23 May
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Huobi, currently the 4th largest cryptocurrency exchange, launched a new consolidated index reflecting the overall performance of the Huobi Pro market, the company announced today. It will also allow investors to see a single aggregated feed as opposed to checking their assets one at a time.

“HUOBI 10 Index has launched on 23rd May (UTC+8). HUOBI 10 selects 10 top-traded digital assets with high market value and strong liquidity, which comprehensively reflects the market performance of Huobi Pro in terms of USDT. HUOBI 10 is designed by Huobi Group and compiled using asset classification and weighted average calculation method. The digital assets are classified into four categories: Coins, Platforms, Applications and Utility Asset tokens. The number of constituents selected in these four categories depends on their transaction volume of last quarter. After deciding the allocation of constituents into each of the four categories, the average daily trading volume in the previous quarter is used to decide the weight of the constituent in the index. The base point of HUOBI 10 is 1000. In early June, the index trading product will be launched in Huobi Pro afterwards.” - the announcement read.

Huobi also has a contingency in the event of unforeseen circumstances, such as a delisting, during which “the sample is temporarily replaced. And the coins that are ranked first in the candidate list will be selected as the sample coins in turn.”

The creation of cryptocurrency indexes has become more widespread in the digital token industry. In mid-May, entrepreneur and bitcoin enthusiast Mike Novogratz partnered with Bloomberg to create the Bloomberg Galaxy Crypto Index (BCGI).

The well-known crypto analyst Tom Lee also introduced a "Bitcoin Misery Index" in early March. The index measures market sentiment towards Bitcoin on a scale from 0 to 100, examining data such as price volatility and percentage of winning trades.

By Nadya Astam

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