Big Move for AVAX and These 8 Altcoins From Binance!

Crypto exchange Binance has launched the Binance CoinMarketCap (CMC) Index series. It has announced that it will launch its first index work, the Top 10 Equal Weighted Index. The index includes altcoins such as AVAX, MATIC, ETH, BNB. Here are the details…

Binance AVAX announces index to track cryptos like ETH

The Top 10 Equally Loaded Index will track the performance of the top 10 cryptocurrencies relative to market price, such as Bitcoin and Ethereum. The Binance index will use price information from Coin Market Cap, the data platform owned by the crypto exchange. According to the announcement, the Equally Loaded Index will be issued again on a monthly basis. Overall, it was designed to help investors evaluate price and performance. Index artifacts officially launched with this new artifact will be available to investors through Binance’s Auto-Invest service from November 2022. Auto-Invest is a feature that allows to automate cryptocurrency purchases. In the index, the following cryptocurrencies will be offered:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • BNB Coin (BNB)
  • XRP
  • Cardano (ADA)
  • Left (LEFT)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • TRON (TRX)
  • Avalanche (AVAX)

In other words, Binance includes the largest cryptocurrencies in the index, excluding chest coins such as DOGE and SHIB, and US dollar-pegged stablecoins. If we look at the market price at the moment, Dogecoin (DOGE) is ahead of Polkadot with a market value of $ 8 billion. Shiba Inu (SHIB) is ahead of Polygon with a market capitalization of $6.07 billion. However, both are not included in the index. The reason behind this may be that these coins are seen as more volatile than others.

Binance expands its operations

In the future, Binance says the community can expect more from this index series. Despite a long and harsh crypto winter, Binance and other major crypto industry giants are improving their services to the wider community. A recent third-quarter report from Web3 development platform Alchemy reports that this year may actually be the biggest on record for Web3 advancements.

Binance has recently expanded its service offerings to multiple markets around the world. On October 6, Kazakhstan granted the exchange a perpetual license to offer crypto-asset services. On the other hand, it reported a 49 percent increase in regional user registrations in the Middle East in 2022. This latest announcement of price index tools came after a significant development regarding the exchange’s cryptocurrency, BNB Coin. As we have also reported, the 21st BNB burn took place. Thus, approximately $547 million worth of BNB came out of the network’s supply.

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