The broad realm of cryptocurrency is increasing at an exponential rate around the world, with adoption up 881 percent year over year and multiple cryptocurrencies reaching new all-time highs, the crypto industry is on track for a strong finish in 2021.
Financial experts like Bloomberg have expanded their crypto market coverage because of the growing popularity of cryptocurrencies among investors, institutions, and even governments.
Bloomberg and Galaxy Digital have added a new index to their crypto data offerings, this time focusing on the native currency SOL from Solana.
According to a post on LinkedIn by Tim Grant, head of Europe for Galaxy, the Bloomberg Galaxy Solana Index is now live on Bloomberg’s Terminal. The index, according to Grant, is valued in US dollars.
“The Bloomberg Galaxy family of indices now includes a fifth index, which is listed below. Furthermore, the publication of this index is significant since it is the first institutional-grade pricing source for Solana, allowing for the registration of Solana-based products in countries that require a worldwide price source” According to Grant.
Bloomberg and Galaxy Digital Capital Management LP, a major digital asset management business founded by Michael Novogratz, launched the Bloomberg Galaxy Crypto Index (BGCI) in May 2018.
The index is designed to track the performance of the cryptocurrency market’s largest and most liquid sector.
The index’s constituents are spread over many types of digital assets, such as value stores, mediums of exchange, smart contract protocols, and privacy assets.