The renowned stock exchange, Nasdaq listed Cryptoindex’s AI-powered CIX100 index on its platform.
According to reports, the AI-powered Cryptoindex CIX100 index is a crypto market benchmark. Accordingly, the index makes use of a neural network algorithm to analyze data for the top 100 cryptocurrencies. Although, it also considers over 200 factors during this process.
The index was designed to exclude coins with fake volumes and rankings. Notably, the “human-free” tool monitors both industry newcomers and professional investors.
Additionally, coins that have made it to the top 200 for three months consecutively are included in the index. Although, a rebalancing process occurs every month.
Besides, the AI-powered index utilizes data from the nine largest cryptocurrency exchanges globally. Also, it considers results from millions of trades, news releases, and social media data.
The index AI-based predictions reportedly are 82% accurate (on a daily basis).
Brief info on Cryptoindex
Cryptoindex CIX100 is a digital expression of the top 100 coins (the coins in the index always equals 100). Additionally, it rebalances itself continuously as the crypto market declines and goes up. The index started with a value of 5¢ and an initial portfolio back in May 2017.
Besides, the index functions using the proprietary AI-based algorithm, Zorax.
The index has increased in popularity since its inception. Currently, Reuters, Bloomberg, and TradingView support it.
Before now, Nasdaq partnered with CryptoCompare. Both planned to issue a cryptocurrency pricing product for institutional investors. Also, the stock exchange launched two new indices that track crypto prices. Importantly, the indices show the value of Bitcoin and Ethereum. Also, the stock exchange operator had plans to launch Bitcoin futures contracts. The plan enables investors to predict and put money on the future price of the currency.