Since mid-March, the crypto-currency market in general is experiencing a „financial summer“, with Bitcoin being the king of crypto-currencies with a 60% dominance. If we add to this the strong rise of the ETH and the XRP, it results in a strong increase in the Crypto 10 index.
Crypto 10 was created by the German company BITA, with the objective of monitoring the general state of the cryptomoney market.
The 10 crypt coins that make up the index are recognized and have a long history in the ecosystem. Currently the chosen ones are: ETH, BTC, XRP, BCH, BSV, LTC, BNB, EOS, XTZ and XLM.
How to invest in the Crypto 10 index with Plus500?
Crypto 10, the index to follow
The Crypto 10 index is gradually becoming a benchmark in the cryptomoney market, as you can follow the general market trend at a glance.
Another advantage of this index is that you can invest either for or against cryptomonies. You might ask yourself: Why invest against cryptomonies? There are several reasons, being the 2 most common ones to cover the portfolio without having to liquidate my holdings, and the other one to take advantage of a short term speculative movement.
At the time of publication, Crypto 10 is valued at 3,880 points, pushing the area to annual highs. The strongest resistance to be beaten will be 4000 points.
If we take just the last 2 months, the increase of Crypto 10 is 56%, while the annual yield is 100%. This clearly shows how the cryptomone sector is serving as a refuge for investors in the midst of the Coronavirus pandemic.
To expect a further increase in Bitcoin Code 10 will depend on the 3 big ones (ETH, BTC and XRP) continuing to rise in value. The 3 crypt currencies have an incidence of just over 68%. Hence their importance in maintaining the upward trend, to boost the value of the index.
In the table below you can see the complete list of cryptosystems that make up Crypto 10, along with the incidence of each token.