Coinbase has introduced the COIN50 Index, a digital asset benchmark designed to serve as the cryptocurrency market’s equivalent of the S&P 500.
Developed in collaboration with VanEck, the COIN50 Index represents the top 50 digital assets on Coinbase’s platform that meet specific criteria for investability and inclusion. This new tool allows investors to gauge overall market performance and gives them broader exposure to leading digital assets, solidifying Coinbase’s strategic position in the market.
VanEck’s Head of Digital Assets Research, Matthew Sigel, noted that the COIN50 Index uses a fundamental filter to ensure robust inclusion standards. This approach not only highlights asset diversity but also adds a layer of rigor to market tracking. As Wall Street’s interest in crypto continues to grow, Coinbase is enhancing its product lineup to accommodate a wider investor base and improve market transparency.
The COIN50 Index will soon include perpetual futures, expected to open after 2:30 PM UTC on November 12, 2024, offering up to 20x leverage for traders. This feature aims to increase the index’s accessibility and market activity, aligning with the current bullish trend in digital assets.
Coinbase’s timing coincides with a strong crypto rally fueled by Donald Trump’s recent presidential win, sparking optimism about a pro-crypto administration. Bitcoin nears the $90,000 mark, with projections to hit $100,000, while Ethereum approaches $4,000. The market surge has also boosted Coinbase stock (COIN), which jumped over 20% on November 11, closing above $300 for the first time since 2021. COIN has gained more than 62% in the past month, reaching a current trading price of $318.
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