Starting November 2022, Binance’s Top 10 Equal-Weighted Index will be available to investors through Auto-Invest. Thanks to this, investors will be able to track the performance of the top 10 cryptocurrencies.
What is the Top 10 Equal-Weighted Index?
L’indice Binance CoinMarketCap (CMC) Top 10 Equal-Weighted Index vise à track the performance of the top 10 digital assets by market capitalization. It is based on the base currency, the US dollar. Additionally, the index currency is USD. The market capitalization of a digital asset is calculated by multiplying its reference price in USD by its current circulating supply at a specific time of day.
The index is based on theAuto-Invest which is a feature that allows automate cryptocurrency purchases. Thus, it is based on a strategy of periodic purchases by fixed sums (DCA). You can choose the digital asset you want to buy regularly using your BUSD or USDT balance.
Binance indices will use information from the tracker CoinMarketCap (CMC). The latter belongs to the Binance exchange platform.
According to the announcement, the Equal-Weighted Index will be rebalanced monthly. Besides that, it is designed to help investors evaluate price and performance. Index products, starting with the Top 10 Equal-Weighted Index, will be available to investors from November 2022 through Binance’s Auto-Invest service.
Binance announced want to develop new clues in the future. It is therefore possible that the crypto trading giant will develop a new series of indices that will take into account a wider range of cryptos in a diversified set of products.
Cryptocurrency investing is offered by eToro (Europe) Ltd as a PSAN, registered with the AMF. Cryptocurrencies are very volatile. No consumer protection.
What is the situation for Binance?
Despite a long and harsh crypto winter, Binance and other major crypto industry giants have expanded their service offerings to the wider community.
Binance has recently expanded its service offering in several markets around the world. On October 6, Kazakhstan granted the platform a permanent license to offer digital asset services. While in the Middle East, it reported a 49% increase regional user registrations in 2022.
If we look at the value of the digital asset of Binance (BNB) we realize that it has lost 25.89% over the last 6 months. On the other hand, during the month of October, the token remains relatively stable since it gained a small 0.26%. Given the current situation, we think it could be worse for Binance’s crypto.
Binance Token (BNB) Price for the Last 7 Days
More and more investments in Web3
Binance is not the only platform to expand its service offering. Many companies feel that there is a good chance to play and invest millions of euros in several projects.
A recent Q3 2022 report from development platform Web3 Alchemy indicated that this year may in fact be the biggest year ever for development in the Web3 space. Indeed, the internet giants are starting to invest a lot in the web3, like Google and Meta, which includes Facebook and Instagram.
Meta has just launched an NFT service on its social networks. It allows you to share NFTs directly on Instagram and Facebook in just a few clicks and associating its crypto wallet with applications. However, the feature is only available in the United States at the moment, but should arrive in France before the end of the year.
Luxury ready-to-wear brands are also investing heavily. This is the case for example of Louis Vuitton, Balenciaga or Gucci. By offering new experiences to their customers, brands want to diversify their offer and broaden their scope of action. There is also the famous comma brand Nike which has raised more than 185 million dollars thanks to virtual sneakers.
In most of the cases, brands turn to Binance to launch their project. Collectors therefore use the crypto exchange platform to buy their digital objects. One artist even created a crossover between Nike and Binance that was tweeted by the exchange.
— Binance (@binance) April 30, 2021
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