Indices like S & P Dow Jones will start to monitor top cryptocurrencies

Earlier on this week S&P Dow Jones Indices indicated that such indexes will start to measure the performance of the 500+ most traded cryptocurrencies by market cap, top cryptos would obviously be include Bitcoin. Research indicates this will include more than 500+ of the most frequently traded coins and tokens which will be included to be included in the indexes.

 

According to the statement issued by both companies, S&P’s clients could create customized indexes, among other benchmarking tools on cryptocurrencies. 

 

“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable, and user-friendly benchmarks.” mentioned Peter Roffman, who is the global head of Innovation and Strategy at S&P Dow Jones Indices.

Its interesting to note that it looks like cryptocurrencies may very well achieve the status of “mainstream investments” with the indexes’ launching in 2021.This has also been noted with large firms  such as JP Morgan, who has been showing a new view towards Bitcoin, shifting to a bullish view in the medium and long-term. 


Other large firms such as PAYPAL have been taking significant steps to adopt cryptocurrencies within their portfolio, as they announced in October. During an earnings call held on November 2, 2020, PayPal’s CEO Dan Schulman revealed plans such as increased crypto-asset purchasing limits.

Bitcoin and Cryptocurrency market cap bigger than large banks

Did you know that in November 2020 the market capitalization of Bitcoin currently sits at over 200 billion USD. The market cap is total suppply of bicoin multiplied by the price.The At its prior peak the Bitcoin market capitalization increased from approximately 1.02 billion U.S. dollars in the second quarter of 2013 to peak at 238 billion U.S. dollars in the last quarter of 2017.

Here is a diagram from Crytpo dreams that we liked showing Bitcoin marketcap at 350 Billion comparing it to JPM Chase at 349 Billion, ICBC China at 251 Billion, BAC United States 231 Billion. CCB China 192 Billion. 

 

As you would be aware the most  popular cryptocurrency in the world is Bitcoin, The leader takes the top position in charts with almost 69% market dominance. I is not likely ly that any other cryptocurrency coin or token could overtake bitcoin in terms of crypto market capitalization in the near future. The second largest cryptocurrency is Ethereum.