Upbit, Korea’s largest crypto exchange by trading volume, is launching the country’s first cryptocurrency index. The company hopes the index will aid investors’ understanding of overall market trends, with the goal of ultimately expanding to international markets. The UBCI (Upbit Crypto Index) is composed of long-term transactional data from four market indexes; Market, Sector, Bitcoin, and Strategy. Standard values will be calculated in confidence intervals.
The four indexes are intended to give a full picture of the Korean marketplace. The Market Index is the most comprehensive of the four – it is a market cap-weighted index factoring-in the market’s total liquidity ratio while providing an all-coin overview for investors. The Sector Index will take each coin’s characteristics into account and assign them to specific sectors. The Bitcoin Index will zero-in on bitcoin trading prices, while the Strategy Index will be a rule-based index indicating quantitative investors’ rules and tracking portfolio yields.
Upbit was launched in October 2017 by Dunamu, the fintech startup responsible for Korea’s popular stock trading app, Kakao Stock. Designed to be a comprehensive trading platform, it connects with other popular Kakao apps – Kakao Talk, a messaging app used by 93% of South Koreans, and Kakao Pay, an on-the-go payment platform boasting 13 million users. The connected approach has paid dividends as Upbit has become Korea’s top cryptocurrency exchange within six months, accounting for 52.9% of the country’s crypto trading market.
The UBCI is another example of the ongoing maturation of cryptocurrency markets, and Dunamu is prepared to bet big to ensure they will continue to lead future developments – the company recently announced they will invest $92.5 million in blockchain-related projects over the next three years.
CEO Song Chi-Hyung stated, “[This] is a pivotal opportunity for Korea to become the global mecca of blockchain-based technologies. Through this investment, we hope to become a foothold for youths who are interested in blockchain technologies to establish and run their own startups." Dunamu president Lee Seok-woo compared today’s digital currency trading to nascent stock and bond trading – evidence that as markets become more sophisticated, investors demand equally sophisticated tools to understand them. He anticipates the UBCI “will play an important role in this area in the future.” Upbit plans to launch their Market, Sector, and Bitcoin indexes this month, with the Strategy index to follow later this year.
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The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with BTCUP.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then BTCUP.X could also see price increases.
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