South Korea’s Bithumb, the country’s largest crypto currency exchange by trading volume recently launched two crypto currency market indices. The two new crypto currency market indices, one that tracks altcoins while the other monitors all coins listed on the exchange, are the latest introduction to the South Korea’s crypto landscape.
At the same time, another exchange called Upbit has two similar indices and sub-indices which are divided into three broad categories.
In an announcement made last week regarding the launch of Bithumb Crypto Index (BTCI) that includes two separate indices, the exchange said that “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 (BTCI)… and Bithumb Altcoin Market Index (BTAI).”
BTAI is said to focus on “all non-bitcoin cryptocurrencies” listed on the exchange, and BTMI on the other hand focuses on all cryptocurrencies listed on Bithumb. The former aims to provide “an overall view of the price changes in the cryptocurrency market” while the latter “a view of the price changes in the cryptocurrency market excluding bitcoin.” Back in early July, Bithumb started calculating BTCI. The index is calculated real-time and updated every 10 seconds.
According to Coinmarketcap, at the moment, Bithumb is South Korea’s largest crypto currency exchange by trade volumes. Bithumb has a 24 hour trading volume of $726,488,270, from the 53 cryptocurrencies listed on its platform.
In a similar development, the country’s largest crypto exchange by number of coins listed, the Kakao-backed Upbit also has a crypto index called Upbit Crypto currency Index (UBCI). Launched in May, the index consists of two main indices: Upbit Market Index (UBMI) and Upbit Altcoin Index (UBAI). However, the platform also has over 20 sub-indices grouped into three broad categories: market, theme, and strategy.
“The index designed to help investors grasp the moments of the crypto currency market at a quick glance.” Business Korea reported then quoting Lee Seok-woo, the president of Dunamu Inc. which operates Upbit.
Lee also pointed out that “The UBCI will become a standard in observing the whole crypto currency market… We will improve it in terms of technology and management to make it a representative index not only in the Korean market but in the global market.”
Upbit has a 24-hour trading volume of $292,249,180, making it the second largest crypto exchange in Korea by trading volume.