S&P Dow Jones Indices launched its first three cryptocurrency indexes Monday, according to documents reviewed by CoinDesk.
The crypto indexes, S&P’s first, carry ticker symbols SPBTC, SPETH and SPCMC – one for bitcoin, ether and a “MegaCap” combo of the two. An accompanying methodology document stated the trio launched Monday using data from partner firm Lukka.
S&P’s crypto indexes are poised to further normalize bitcoin and ether data among Wall Street traders hungry to decode crypto price action. The product suite goes up against existing indexes from Bloomberg and Galaxy.
Each index measures price appreciation, not the actual price, said S&P spokesman Ray McConville. “So comparing the two indices, we can see that Bitcoin YTD has grown 95.67% in value vs. ETH, which has grown 273.72% in value YTD,” he said via email. “The actual index value isn’t so much as important as the change in that index value over time.”
Representatives for Lukka did not immediately respond.
By Danny Nelson Via https://www.coindesk.com/sp-goes-live-with-bitcoin-ethereum-crypto-indexes