The index, launched in collaboration with one of the biggest names in financial services, could help give merit to the widely controversial crypto-currency market.

Bloomberg, along with Galaxy Digital Capital Management, yesterday launched an index designed to track the performance of the largest, most liquid crypto-currencies. 

The Bloomberg Galaxy Crypto Index (BCGI) is market capitalisation-weighted and measures the performance of 10 USD-traded crypto-currencies, including bitcoin, ethereum, monero and ripple, among others. 

“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in crypto-currencies,” said Alan Campbell, global product manager for Bloomberg Indices. “The index brings our rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”

The index, which is owned and administered by Bloomberg Index Services, is co-branded with Galaxy Digital Capital Management, a digital asset manager founded by bitcoin bull and billionaire Mike Novogratz. 

The BGCI uses a rules-based methodology and data from sources that meet Bloomberg’s and Galaxy Digital Capital Management’s due diligence standards. 

Novogratz said: “The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralised revolution forward through the creation of BGCI.”

Current crypto-currency ​​weightings:
Bitcoin - 30 per cent
Ethereum - 30 per cent
Ripple - 14.14 per cent
Bitcoin Cash - 10.65 per cent
EOS - 6.11 per cent
Litecoin - 3.77 per cent
Dash - 1.67 per cent
Monero - 1.66 per cent
Ethereum Classic - 1 per cent
Zcash - 1 per cent