CCi30 Cryptocurrency Index

The CCi30 is the first independent, rules-based index created to objectively track the performance of the entire cryptocurrency market. By monitoring the 30 largest cryptocurrencies by market capitalization (excluding stablecoins), it provides the most reliable benchmark for investment professionals and a straightforward tool for passive investors seeking broad crypto exposure.

Key Features of the CCi30

To ensure accuracy, fairness, and practicality, the CCi30 is built on five core principles:

  1. Diversification – Broad exposure across top assets
  2. Replicability – Easy to replicate for investment products
  3. Transparency – Clear, rules-based methodology
  4. Full Market Coverage – Represents the entire crypto market
  5. Balanced Risk-Aware Calibration – Mitigates concentration risks

Designed for investors, fund managers, and institutions, the CCi30 serves as the definitive standard for cryptocurrency market performance.

The CCi30 was launched on Jan 1st, 2017. Its starting value is arbitrarily set at 100 on Jan 1st, 2015.

CCi30 Cryptocurrency Index Chart

Index real time 22,286.70
-298.60 -1.35%
52 week change 74.34%
52 week high 26,523.00
52 week low 11533.10
30 Day Market Efficiency Ratio %
Year to date change 5.09%
Month to date change 10.07%
Daily high 22,323.90
Daily low 21,905.90

Index Constituents

# Name Price Market cap Change (day)
1
BTC
Bitcoin 		$111,310.66 $2,238,290,511,982 -0.40%
2
ETH
Ethereum 		$4,554.47 $559,061,934,998 -1.01%
3
XRP
XRP 		$3.00 $180,895,127,957 -0.52%
4
BNB
BNB 		$859.62 $120,712,968,259 -0.48%
5
SOL
Solana 		$196.99 $113,121,443,786 0.59%
6
DOGE
Dogecoin 		$0.22 $33,578,978,645 0.21%
7
TRX
TRON 		$0.35 $33,148,997,146 -0.45%
8
ADA
Cardano 		$0.86 $31,158,375,668 -0.20%
9
HYPE
Hyperliquid 		$49.19 $16,750,944,067 0.82%
10
LINK
Chainlink 		$16,605,911,034 -0.55%
11
SUI
Sui 		$3.46 $12,308,773,933 0.18%
12
XLM
Stellar 		$0.39 $12,167,927,102 -1.38%
13
BCH
Bitcoin Cash 		$547.55 $11,121,720,340 -0.53%
14
AVAX
Avalanche 		$24.16 $10,616,697,554 -0.02%
15
HBAR
Hedera 		$0.23 $10,270,236,046 -2.87%
# Name Price Market cap Change (24h)
16
LEO
UNUS SED LEO 		$9.54 $8,785,491,341 -0.30%
17
LTC
Litecoin 		$113.72 $8,698,637,116 0.19%
18
TON
Toncoin 		$3.19 $8,205,986,468 0.66%
19
SHIB
Shiba Inu 		$0.00 $7,425,987,713 -0.51%
20
UNI
Uniswap 		$9.84 $6,350,191,078 -1.08%
21
DOT
Polkadot 		$3.86 $6,303,131,685 -0.67%
22
BGB
Bitget Token 		$4.67 $5,318,966,607 0.25%
23
AAVE
Aave 		$323.90 $4,982,330,290 -3.61%
24
XMR
Monero 		$277.24 $4,975,539,519 -0.61%
25
PEPE
Pepe 		$0.00 $4,280,259,320 0.26%
26
OKB
OKB 		$176.19 $3,654,810,304 -0.67%
27
TAO
Bittensor 		$323.69 $3,331,581,691 -3.43%
28
NEAR
NEAR Protocol 		$2.54 $3,196,800,401 0.99%
29
APT
Aptos 		$4.41 $3,037,473,249 0.89%
30
PI
Pi 		$0.34 $2,725,390,785 -2.32%

About CCi30

Constituents selection

The top 30 cryptocurrencies by adjusted market capitalization are automatically selected and included in the index. All the so called “stable coins”, which are pegged to a fiat currency, are not taken into consideration. To calculate the weights for each cryptocurrency, the adjusted market capitalization must first be calculated. Market capitalization is not computed as some instantaneous number – the volatility in the cryptocurrency market is such that this would destabilize the index composition too much. Instead, the CCi30 uses an exponentially weighted moving average of the market capitalization. The weighted average Market Capitalization helps smooth the volatility to give the most accurate portrait of market capitalization at any given point. The formula used to derive market capitalization is:

where M(t) is the actual market cap at time t, M* is our adjusted market cap, and α is the decay rate of the exponential moving average, set with an half-life of 3 days.

The number of constituents was set at 30 because it is the minimum number necessary to be statistically significant. The use of more constituents would generate higher fees with no significant improvement to performance and any less than thirty would risk reduced performance, insufficient diversification, compromised statistical significance, and missed opportunities to pick the next rising star.
By taking the top 30 cryptocurrencies, the CCi30 captures a very high percentage of the cryptocurrency market capitalization. With this scope, the index statistically represents the entire cryptocurrency market with a confidence level of 99% and a confidence interval of 1.11. In other words, the margin of error of the index value as an indicator of the market is just 1.11%.

Constituents weight calculation

The weight of each constituting cryptocurrency is measured by the square root of its adjusted market capitalization, so at time t, the weight of the cryptocurrency 0 will be:

where Mi* is the adjusted market capitalization of a specified cryptocurrency at time t.

The square root function was chosen as a hybrid that most accurately weights the constituents based on the current conditions of the cryptocurrency market.
A simple market capitalization weighted index would be dominated by the top two cryptocurrencies, while a more slowly decaying weighting, or in the extreme case, equal weighing, would give too much weight to the tiny, illiquid cryptocurrencies at the bottom of the range.
In order to accurately capture the movements of the market, no caps or floors are implemented upon the weights of the cryptocurrencies.

Index value calculation

Between rebalancing dates, the index value is defined as:

Where It is the value of the index at time t, Wj is the weight of the jth name in the index, and Pj is the price of the jth name as a function of time.

On rebalancing dates, the weights are normalized in such a way that the index value is the same, whether it is computed with old or with new weights.

The index is calculated in realtime. All values refer to the close of the previous day, considered to be at 0000 GMT.

The results

Not too surprisingly, the index represents a much safer investment approach than trying to pick single coins. Investing in the index allows to profit from the unforecastable raise of some cryptocurrencies, while limiting the losses deriving from the fall of others.

The CCi30 is the most accurate instrument for measuring the whole cryptocurrencies market, and the Blockchain sector in general. It represents a useful tool for investors, a benchmark for traders and asset managers, a replicable index for passive funds and ETFs. In short, it is the industry standard for cryptocurrencies.

Download the index whitepaper
Download the index methodology manual

Statistics

  • Sharpe-Rivin* ratio (annualized): 0.63
  • Bitcoin Sharpe-Rivin: 0.71
  • Yearly Volatility (σ): 1.90
  • Monthly Volatility (σ): 0.23
  • Bitcoin R2: 0.73478, Beta: 0.94, Alpha: 0.05
  • Euro R2: 0.00108, Beta: 0.32, Alpha: 1.21
  • GLD R2: 0.00614, Beta: 0.45, Alpha: 1.14
  • SPY R2: 0.02455, Beta: 0.70, Alpha: 1.03

* The Sharpe-Rivin ratio is a development of the Sharpe ratio formula by Prof. Igor Rivin. It serves as a more accurate way of measuring risk-adjusted returns. For more information you can read this paper.

Download the OHLCV daily values of the index (.csv)
Download the index constituents by quarter (.csv)
Download monthly constituent weight percentages (.csv)

$3,481.08 bn
total 30 cap
$138.94 bn
24hr trading volume
89.1%
of all market cap

Who We Are

CCi30 was created and is maintained by an independent team of mathematicians, quants and fund managers lead by Igor Rivin, Professor of Mathematics at Temple University and Regius Professor of Mathematics at St. Andrews University, and Carlo Scevola, economist and entrepreneur. Robert Davis, Engineer, IT expert and programmer, is responsible for technology.

The CCi30 index is currently used by several financial institutions as the benchmark for their investment strategies.
A free license is available for academic and research use. A realtime API and various data analysis tools are included in the commercial license.

Contact Us

Common Questions About CCi30 Cryptocurrency Index

About the Index

A cryptocurrency index is a statistical measure that tracks the performance of a selected group of digital assets. Similar to equity indices like the S&P 500, it provides a consolidated view of market trends by combining multiple cryptocurrencies into a single benchmark. For investors, a crypto index simplifies performance measurement, enables diversified exposure, and serves as the basis for investment products such as ETFs, ETPs, and structured notes.

The CCi30 is a rules-based index that tracks the performance of the 30 largest cryptocurrencies by market capitalization. It is designed to represent the overall growth, long-term trends, and sector dynamics of the digital asset market in a transparent and objective way.

Since its launch in 2017, CCi30 has been widely recognized by asset managers, researchers, and institutions as the most reputable and reliable benchmark for the crypto sector. Its methodology combines academic rigor, transparency, and practical usability, making it the reference point for both investment products and performance evaluation.

Bitcoin-only benchmarks capture only the performance of a single asset, missing the broader market dynamics. Other indices often over-concentrate in a handful of large coins or lack methodological transparency. CCi30 solves this by including 30 assets with balanced weighting, offering diversified and accurate exposure to the crypto market.

Methodology

The index includes the top 30 cryptocurrencies by market capitalization, excluding stablecoins and synthetic tokens. Thirty constituents strike the optimal balance between diversification and liquidity, capturing both established leaders and emerging assets without diluting market representativeness.

Square-root weighting tempers the dominance of mega-cap assets like Bitcoin and Ethereum while still reflecting their importance. This approach prevents excessive concentration risk and allows mid-cap and smaller assets to meaningfully contribute to performance.

To avoid short-term noise and manipulation, CCi30 applies an exponentially weighted moving average to market cap data. This smoothing mechanism reduces the impact of intraday spikes and ensures stability and consistency in index composition.

The index is rebalanced monthly. At each rebalance, market capitalizations are recalculated using the smoothing mechanism, constituents are re-ranked, and weights are updated. This frequency balances accuracy with stability and minimizes unnecessary turnover.

Data & Access

Both real-time values and historical series are published on cci30.com and can also be accessed through financial data platforms that license the index.

Yes. Full datasets and programmatic access are available through licensed feeds and APIs, enabling seamless integration into portfolio management and trading systems.

The CCi30 methodology is fully documented and publicly available. Everyone can review the construction rules, weighting formula, and rebalancing logic in detail, ensuring confidence and trust in the benchmark.

Use & Applications

CCi30 is widely used by hedge funds, asset managers, family offices, and passive investors. Institutions use it as a benchmark for performance reporting, while individuals and allocators rely on it as a guide to diversified exposure.

Yes. The index has been licensed for financial products and is suitable for ETFs, ETPs, certificates, and structured notes. Its robust governance and methodology make it fit for regulated financial instruments.

By tracking 30 assets, CCi30 minimizes idiosyncratic risk, reduces volatility from individual token events, and provides diversified exposure. It captures sector growth more effectively than holding Bitcoin or Ethereum alone.

Risk & Resilience

Volatility is addressed through diversification, square-root weighting, and smoothed market caps. These mechanisms reduce concentration risk and help the index reflect genuine market trends rather than short-term noise.

If a cryptocurrency is delisted, compromised, or no longer meets eligibility criteria, it is removed immediately and replaced by the next qualifying asset. This ensures the index always reflects investable, high-quality assets.

Technical Metrics

The Sharpe-Rivin ratio, developed by CCi30's creators, measures risk-adjusted returns while accounting for the unique volatility profile of cryptocurrencies. It helps institutional investors evaluate performance beyond raw returns.

The Market Efficiency Ratio quantifies how closely an asset's price movements resemble a smooth trend versus random noise. A higher MER indicates a more efficient market. CCi30 uses this metric to assess the quality of index construction.

MER =
|Priceend − Pricestart|
∑i=1n |Pricei − Pricei−1|

Licensing & Governance

Licensing is available for asset managers, ETF issuers, exchanges, and fintech providers. Licensed access includes real-time and historical data feeds, full methodology, and rights to use CCi30 as an underlying benchmark.

Yes. Universities and research institutions may request academic licenses, which provide access to data and methodology for non-commercial research purposes.