The S&P Cryptocurrency Broad Digital Market (BDM) index list of 243 digital assets was recently obtained, and DOGE is not one of them. A cursory analysis showed that Wall Street’s previous attempt to evaluate returns from the ‘broad investment universe’ went to the outermost rings of the crypto.
The S&P’s BDM includes an assortment of label blockchains and least known protocols. Weighted per the rule sheet of the index maker, the coins return slump down. At the time of writing, this figure was around 2.676, down 14% for July. By comparison, S&P’s Bitcoin tracker has shown it in the same period with a decrease of 450.86 points or 11.5%.
BDM definitely had Bitcoin and its current value of over $650 billion at the end of June. However, the index, whose market average share according to S&P was $4.8 billion, consists largely of cryptos with small and medium-sized capital, whose stories are not recognized by the average banker or investor.
One such crypto is skycoin, a small capital of 15 million dollars with around 387,000 dollars in trading volume. CoinGecko ranked it by appraisal in the 660th position. In November 2018, the coin’s logo was tattooed on John McAffee’s back, now-deceased crypto idealist.
Truth be told, the index doesn’t show a lot of popular cryptocurrencies. XRP, Moreno, and BSV don’t even make it to the list. The inclusion policy of S&P might be the reason behind this as, according to the BDM Committee, a coin may be on the list if it has unregistered security, makes a potential market disruption, or with privacy features.
Dogecoin wasn’t on the list because they don’t have a whitepaper.