The world of digital assets is taking another significant step toward mainstream financial integration with the launch of two new cryptocurrency benchmark indices by CoinMarketCap. These indices are now live on major financial data platforms, including Nasdaq Global Index Data Service, Bloomberg Terminal, Thomson Reuters Eikon, and Börse Stuttgart—marking a pivotal moment for crypto market transparency and institutional accessibility.
This strategic rollout, announced on March 20 via CoinMarketCap’s official blog, reflects growing demand for reliable, rules-based benchmarks that help investors analyze and track the performance of the rapidly evolving cryptocurrency market.
Introducing the CMC Crypto 200 Index and CMC Crypto 200 ex BTC Index
CoinMarketCap has partnered with Solactive, a leading German index provider, to calculate and administer two new indices:
- CMC Crypto 200 Index (CMC200)
- CMC Crypto 200 ex BTC Index (CMC200EX)
Both indices track the performance of the top 200 cryptocurrencies by market capitalization, offering investors diversified exposure to the broader digital asset ecosystem. The key distinction lies in Bitcoin’s inclusion:
- The CMC200 includes Bitcoin, reflecting its dominant position in the market.
- The CMC200EX excludes Bitcoin, allowing analysts and traders to assess the performance of the rest of the crypto market independently.
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This separation is crucial. Bitcoin alone accounts for approximately 50% of the total cryptocurrency market capitalization, meaning its price movements can overshadow trends in other digital assets. By offering a Bitcoin-excluded index, CoinMarketCap enables a clearer view of altcoin market dynamics—valuable for portfolio diversification and risk assessment.
Designed for Institutional Adoption
The indices are rebalanced quarterly, on the last day of each calendar quarter, ensuring they remain representative of current market conditions. This periodic adjustment helps maintain accuracy and prevents any single asset from gaining undue influence due to sudden price spikes or drops.
Solactive, known for its expertise in custom index creation, also manages over 3,000 indices globally and previously developed the CBOE Bitcoin Futures Index launched in December 2017. Their involvement adds credibility and aligns the new crypto benchmarks with traditional financial standards.
Fabian Colin, Head of Sales at Solactive, emphasized that access to CoinMarketCap’s comprehensive data infrastructure opens doors for developing tailored indices for institutional clients. He revealed that “conversations have already started” with potential partners interested in customized benchmark solutions.
Expanding Footprint Across Financial Platforms
The availability of these indices on Nasdaq, Bloomberg, and Thomson Reuters—platforms widely used by hedge funds, asset managers, and financial analysts—signals a maturation of the crypto asset class. These integrations mean that:
- Institutional investors can now monitor crypto trends alongside traditional equities and commodities.
- Portfolio managers can reference real-time index data when making allocation decisions.
- Financial researchers can conduct deeper analysis using standardized metrics.
For example, Bloomberg Terminal users—renowned for their reliance on high-integrity financial data—can now incorporate cryptocurrency benchmarks directly into their workflows without switching platforms.
Contextual Growth in Crypto Index Development
CoinMarketCap’s move follows a broader trend of traditional financial institutions embracing crypto benchmarks. In mid-February, Nasdaq itself launched two new indices tracking the spot prices of Bitcoin and Ethereum, developed in partnership with Brave New Coin. Similarly, MV Index Solutions—a subsidiary of VanEck—introduced a Bitcoin index based on OTC (over-the-counter) trading desks in late 2024.
These developments suggest a coordinated effort to bring structure and standardization to a market historically viewed as volatile and opaque.
However, not all traditional players are moving forward at the same pace. This week, CBOE announced it would not list a new Bitcoin futures contract in March, citing an ongoing evaluation of its digital asset derivatives strategy. While this pause may indicate regulatory caution, it also highlights the importance of robust underlying indices—like those from CoinMarketCap—that can support future derivatives products when markets are ready.
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Why These Indices Matter for Investors
For retail and institutional investors alike, standardized indices offer several key benefits:
- Performance benchmarking: Compare fund returns against a transparent, rules-based index.
- Product development: Serve as underlying references for ETFs, structured products, and derivatives.
- Market sentiment analysis: Track macro trends in the crypto economy beyond individual coin speculation.
Moreover, excluding Bitcoin through the CMC200EX allows investors to answer critical questions:
Is the altcoin market growing independently? Are certain sectors like DeFi or AI-driven tokens outperforming despite BTC volatility?
This level of insight was previously difficult to achieve without custom-built tools. Now, it's accessible through widely adopted financial platforms.
Frequently Asked Questions (FAQ)
Q: What is the difference between CMC200 and CMC200EX?
A: The CMC Crypto 200 Index (CMC200) includes Bitcoin among the top 200 cryptocurrencies by market cap, while the CMC Crypto 200 ex BTC Index (CMC200EX) excludes Bitcoin to measure the performance of the remaining 199 assets.
Q: How often are these indices updated?
A: Both indices are rebalanced quarterly, on the last day of March, June, September, and December, to reflect changes in market capitalization rankings.
Q: Who calculates and manages these indices?
A: Solactive, a Germany-based index provider with extensive experience in financial benchmarks, is responsible for calculating and administering both indices.
Q: Where can I access these indices?
A: The indices are available on Nasdaq Global Index Data Service, Bloomberg Terminal, Thomson Reuters Eikon, and Börse Stuttgart—platforms commonly used by institutional investors.
Q: Why is excluding Bitcoin important for an index?
A: Since Bitcoin represents about half of the total crypto market cap, its price swings can dominate overall market readings. Removing it allows for clearer analysis of altcoin sector performance.
Q: Could these indices support future crypto ETFs or funds?
A: Yes. Standardized benchmarks like CMC200 and CMC200EX provide a foundation for creating index-tracking funds, structured products, and regulated derivatives.
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Final Thoughts
The launch of CoinMarketCap’s dual crypto indices on major financial platforms represents more than just a technical update—it's a milestone in the journey toward full financial legitimacy for digital assets. With transparent methodology, institutional-grade partners like Solactive, and distribution across trusted terminals, these benchmarks offer much-needed clarity in a complex market.
As investor interest grows and regulatory frameworks evolve, tools like the CMC200 and CMC200EX will play an increasingly vital role in shaping how both individuals and institutions understand and engage with cryptocurrency markets.
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