The financial terminals of Thomson Reuters and Bloomberg will soon provide cryptocurrency data from an index that takes into account social media posts and news.
Announced Thursday, index provider Cryptoindex said terminal users will be able to view the top 100 performing cryptocurrencies, according to its rankings. Cryptoindex comprises of crypto assets that have occupied a position in the top 200 for over three consecutive months, are "almost always traded on multiple exchanges" and have a "significant social media following."
Rebalancing of the Cryptoindex occurs on a monthly basis and is designed to spot trading data that has been inflated, the firm said.
Popular traders' social networking and data analysis site TradingView will also add the index as an additional choice for its users.
VJ Angelo, CEO of Cryptoindex, said:
The Cryptoindex is built from an analysis of over 1,800 cryptocurrencies that are passed through set of filters, according to the firm.
A company representative told CoinDesk in an email that its data is collected from cryptocurrency exchanges, news sources and social media sites, such as Twitter, Telegram, GitHub, and others.
"Over 33 Terabytes of data is analysed to extract over 200 factors that create a refined ranking in the index, which is then put into a neural network to create a final rating of coins," according to the release.
The news comes soon after data site CoinMarketCap was also added to the Bloomberg and Reuters terminals, as well as Nasdaq.
Cryptoindex said its product offers "a methodology fully suited to the needs and requirements of heavily regulated asset managers, institutional and professional investors."
Trading screens image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.