Categories: Ripple

Novogratz Launches Benchmark Index of 10 Cryptocurrencies

Click here to view original web page at

Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Crypto Index

Michael Novogratz.

Galaxy Digital Capital Management and Bloomberg announced on Wednesday the launch of a cryptocurrency benchmark index called Bloomberg Galaxy Crypto Index (BGCI). Galaxy Digital Capital Management LP is an asset management firm dedicated to the digital currency and blockchain sectors founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds and a former Partner at Goldman Sachs.

Citing that “the BGCI offers the first institutional grade benchmark for the cryptocurrency market,” the announcement details:

The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.

“The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets,” the companies explained. “The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management.”

About the Index

At its inception, the BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash.

Novogratz set out to launch a crypto hedge fund originally but he halted this plan in December and unveiled Galaxy Digital instead.

He said on Markets Now that “we are hoping that this index becomes the bellwether and benchmark for the whole crypto space that hedge funds are compared to it… and that is seen as a watershed moment where crypto starts to become an indigestible asset class from an institutional perspective.” He also asserted:

The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets.

“It’s almost essential for every investor to have at least 1% to 2% of their portfolio” in crypto, he emphasized.

In November last year, Novogratz said on CNBC’s Fast Money that “Bitcoin could be at $40,000 at the end of 2018. It easily could,” adding that “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”

What do you think of Novogratz’s crypto index? Let us know in the comments section below.

Images courtesy of Shutterstock, Galaxy Digital Capital Management, and CNBC.

Need to calculate your bitcoin holdings? Check our tools section.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by
Tags: crypto digital protocol ripple

Recent Posts

  • Bitcoin Business

Rumors CFTC Investigating Bitmex Amid Speculation of Market Manipulation

United States’ Commodities and Futures Trading Commission is apparently investigating Bitmex according to unnamed sources. Bloomberg says :“The months-long CFTC… Read More

4 hours ago
  • Bitcoin Business

Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint

Natural gas acquired as a byproduct of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies… Read More

4 hours ago
  • Bitcoin Business

Crypto Exchange BitMEX Under CFTC Investigation Over US Users: Bloomberg

The U.S. Commodity Futures Trading Commission (CFTC) is reportedly probing crypto exchange giant BitMex. | Source: YouTube/BitMEX The US Commodity… Read More

4 hours ago
  • Bitcoin Business

Pro-Bitcoin Ron Paul Agrees with Trump Over ‘Clueless’ Fed

Donald Trump has gained an unlikely ally in delivering criticism against the central bank. | Source: Getty Images/AFP/Shutterstock/AFP; Edited by… Read More

4 hours ago
  • Bitcoin Business

‘Tip Trump’ Meme Targets POTUS While BAT Cryptocurrency Soars 19%

The BAT cryptocurrency gained 19% after its integration onto a gamer streaming site. Meanwhile, a meme was born as Trump… Read More

4 hours ago
  • Bitcoin Business

China’s Blockchain Industry, 2019 – By Separating Crypto-Currencies from the Underlying Blockchain Technology, China’s Government Helped People Focus on Blockchain Solutions for Various Industries –

DUBLIN--( BUSINESS WIRE )--The "China Blockchain Industry" report has been added to's offering.This report provides a complete and detailed… Read More

4 hours ago

This website uses cookies. We use cookies to collect data about your interaction with our website. The main purpose of collecting information with these cookies is to improve your experience with our site. For more information we encourage you to read our privacy policy.

Read More