The cryptocurrency market benchmark

The CCi30 Cryptocurrency Index

The CCi30 Cryptocurrency Index measures the performance of the 30 largest cryptocurrencies by adjusted market capitalization under a published, rules-based methodology.

30constituentsiConstituents: the index holds the 30 largest cryptocurrencies by adjusted market capitalization, stablecoins excluded. Thirty is the smallest count that keeps sampling error statistically insignificant.99%confidence leveliConfidence level: the 30-constituent sample tracks the total cryptocurrency market capitalization within a 99% statistical confidence interval.MonthlyrebalancingiRebalancing: constituent weights are recalculated on the first calendar day of every month and implemented at 00:00 GMT. Membership does not change at a rebalancing.QuarterlyreconstitutioniReconstitution: index membership is reviewed on the first calendar day of every quarter, when assets leaving the top 30 are removed and newly qualifying assets are added.
52-week change (daily closes) −37.16%
52-week high 28,706.72
52-week low 12,938.11
All-time high 41,780.75
Year to date change −12.32%
Month to date change −11.15%
Daily high 17,849.80
Daily low 17,634.29
Annualized since inceptioni(Pend / Pstart)365 / days − 1, from the close of 1 January 2015 (100.00) to the close of 26 October 2026 (17,800.70).+54.99%
Annualized, 5 yearsi(Pend / Pstart)365 / days − 1, from the close of 26 October 2021 (33,100.30) to the close of 26 October 2026 (17,800.70).−11.66%
Annualized, 3 yearsi(Pend / Pstart)365 / days − 1, from the close of 26 October 2023 (10,748.00) to the close of 26 October 2026 (17,800.70).+18.30%
Annualized, 1 yeari(Pend / Pstart)365 / days − 1, from the close of 26 October 2025 (28,126.60) to the close of 26 October 2026 (17,800.70).−36.71%
Max drawdown since inceptioniDeepest fall from a peak close to a later close: 20,796.60 on 7 January 2018 to 1,760.94 on 14 December 2018.−91.53%
Drawdown from all-time highiHow far the close of 26 October 2026, 17,800.70, sits below the all-time high: 41,780.75 on 10 May 2021, the highest intraday level.−57.39%

About the index

The CCi30 is the first independent, rules-based index constructed to measure the performance of the cryptocurrency market as a whole. It tracks the 30 largest cryptocurrencies by adjusted market capitalization, excluding stablecoins and other pegged instruments, and expresses their aggregate performance as a single value. The index serves as a performance benchmark for investment professionals and as a replication reference for diversified, passive exposure to the asset class.

Key features of the CCi30 Cryptocurrency Index

The construction of the CCi30 rests on five principles:

  1. Diversification. Exposure is distributed across thirty constituents rather than concentrated in a small number of assets.
  2. Replicability. Constituent weights are published and reproducible, permitting direct replication by investment products.
  3. Transparency. The construction rules, weighting formula and maintenance schedule are public and unchanged in substance since inception.
  4. Market Coverage. The constituent set captures the substantial majority of aggregate cryptocurrency market capitalization.
  5. Risk-Aware Calibration. Square-root weighting limits concentration in the two largest assets without transferring undue weight to illiquid constituents.

The index was launched on 1 January 2017 with a base value of 100 at the close of 1 January 2015.

Constituents

The current constituent set, ranked by adjusted market capitalization, as determined at the most recent quarterly reconstitution. Prices, market capitalizations and daily changes update in real time.

$2,303.17 bn
Total 30 cap
$46.27 bn
24h trading volume
86.51%
Coverage of total crypto market capiMarket cap of the 30 constituents divided by the total crypto market cap from CoinMarketCap's global metrics, read every hour. Ex-stablecoins: the same, with CoinMarketCap's stablecoin market cap taken out of the total.
Coverage ex-stablecoins: 96.68%
26.63%
Bitcoin weightiWeight of Bitcoin in the index since the rebalancing of 1 October 2026. Cap-weighted: its share of the 30 constituents' combined market cap on 30 September 2026.
67.70% cap-weighted
56.67%
Top-5 weightiCombined weight of the five largest constituents since the rebalancing of 1 October 2026. Cap-weighted: the same five largest by market cap on 30 September 2026.
91.63% cap-weighted
9.6
Effective number of constituentsi1 divided by the sum of the squared weights: the number of equally weighted constituents that would be as concentrated. Weights of 1 October 2026.
2.1 cap-weighted
RankingNamePriceMarket capWeightChange (day)
RankingNamePriceMarket capWeightChange (day)
1
BTC
BTC		$79,532.10$1,601.18 bn26.63%−0.60%
2
ETH
ETH		$2,304.06$281.73 bn11.75%−0.71%
3
BNB
BNB		$734.28$96.68 bn6.57%−0.99%
4
XRP
XRP		$1.30$82.25 bn6.31%−0.74%
5
SOL
SOL		$99.61$58.77 bn5.41%−1.16%
6
TRX
TRX		$0.3275$31.15 bn3.68%−0.43%
7
ZEC
ZEC		$1,229.25$20.73 bn3.26%−0.15%
8
HYPE
HYPE		$77.82$19.75 bn3.09%−0.59%
9
DOGE
DOGE		$0.07723$13.30 bn2.56%−0.51%
10
XMR
XMR		$594.17$11.19 bn2.09%−0.67%
11
LINK
LINK		$8.48 bn2.10%−0.51%
12
LEO
LEO		$9.04$8.31 bn1.87%+0.11%
13
ADA
ADA		$0.2036$7.50 bn1.95%−1.30%
14
XLM
XLM		$0.1674$5.90 bn1.80%−1.07%
15
NEAR
NEAR		$4.43$5.80 bn1.63%−1.52%
RankingNamePriceMarket capWeightChange (day)
16
BCH
BCH		$280.61$5.64 bn1.63%−0.05%
17
UNI
UNI		$7.05$4.40 bn1.54%−1.29%
18
LTC
LTC		$56.29$4.38 bn1.48%−0.74%
19
CC
CC		$0.09755$3.90 bn1.44%−1.84%
20
AVAX
AVAX		$8.76$3.89 bn1.41%−2.26%
21
SUI
SUI		$0.9071$3.74 bn1.39%−1.07%
22
GRAM
GRAM		$1.21$3.44 bn1.34%+0.40%
23
HBAR
HBAR		$0.07648$3.39 bn1.36%−0.96%
24
TAO
TAO		$248.83$2.90 bn1.21%−0.84%
25
SHIB
SHIB		$0.000004824$2.84 bn1.20%−1.17%
26
ENA
ENA		$0.2073$2.78 bn1.02%+0.17%
27
CRO
CRO		$0.05287$2.68 bn1.18%−0.82%
28
OKB
OKB		$108.17$2.27 bn1.03%−1.06%
29
M
M		$0.9726$2.23 bn1.05%+1.83%
30
ONDO
ONDO		$0.4089$1.99 bn1.02%−1.50%

Index methodology

The construction rules below define how the index picks its 30 constituents, how it weights them, how the published value is computed, and when each of those steps is repeated.

Constituent selection

The index comprises the thirty cryptocurrencies with the highest adjusted market capitalization. Stablecoins and other assets pegged to fiat currencies or external instruments are excluded from consideration, as their prices convey no independent information about the cryptocurrency market.

Selection is performed on adjusted market capitalization rather than on an instantaneous figure. The volatility characteristic of the asset class is such that instantaneous measurement would introduce excessive turnover into the constituent set. Adjusted market capitalization is therefore defined as an exponentially weighted moving average of market capitalization:

Mi*(t)=∑k=060e−αkMi(t−k)∑k=060e−αk,α=ln23
Adjusted market capitalization: exponentially weighted moving average with a three-day half-life

where M(t) is the observed market capitalization at time t, M* is the adjusted market capitalization, and α is the decay rate of the moving average, calibrated to a half-life of three days.

The constituent count is set at thirty on statistical grounds. Thirty is the minimum number of constituents at which the index remains statistically significant as an estimator of the market. At this scope the index represents the aggregate cryptocurrency market with a confidence level of 99% and a confidence interval of 1.11, a margin of error of 1.11% in the index level as an indicator of the market. A larger constituent set would increase replication cost without a corresponding improvement in accuracy; a smaller set would reduce diversification, compromise statistical significance, and increase the probability of omitting assets that subsequently appreciate materially.

Constituent weight calculation

Each constituent is weighted by the square root of its adjusted market capitalization, normalized across the constituent set. At time t, the weight of constituent i is:

wi(t)=Mi*(t)∑j=1NMj*(t)
Constituent weight: square root of adjusted market capitalization, normalized across the 30 constituents

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

The square-root function is applied as a calibrated intermediate between capitalization weighting and equal weighting. A capitalization-weighted index of this universe would be dominated by its two largest constituents; equal weighting, or any substantially flatter scheme, would assign disproportionate weight to the smallest and least liquid constituents. No caps or floors are applied to constituent weights, so that measured weights follow observed market proportions without administrative intervention.

Index value calculation

Between rebalancing dates, the index level is defined as:

I(t)=I(T0)∑j=130wjPj(t)Pj(T0)
Index level between rebalancing dates: the level at the last rebalancing times the weighted sum of constituent price ratios since then

Where I(t) is the value of the index at time t, T0 is the most recent rebalancing, wj is the weight of the jth constituent set at T0, and Pj is its price in US dollars.

On rebalancing dates, weights are normalized such that the index level is identical whether computed under the previous or the updated weights.

The index is calculated in real time. Daily reference values correspond to the close of the previous day, taken as 00:00 GMT.

Rebalancing and reconstitution

Index maintenance is conducted on two distinct schedules.

Rebalancing (monthly). On the first calendar day of each month, the adjusted market capitalization of each constituent is recalculated and constituent weights are updated in accordance with the square-root weighting formula. Revised weights are implemented at 00:00 GMT on the first Index Business Day of the month. Rebalancing does not alter index membership.

Reconstitution (quarterly). On the first calendar day of each quarter, all eligible cryptocurrencies are re-ranked by adjusted market capitalization. Assets no longer ranking within the top thirty are removed; assets newly ranking within the top thirty are added. Changes are implemented at 00:00 GMT on the first Index Business Day of the quarter. Index membership remains fixed between reconstitution dates.

At each rebalancing and reconstitution, the index divisor is adjusted so that the index level is unchanged whether computed under the previous or the updated composition and weights. Scheduled maintenance therefore has no effect on the index level.

Rebalancing and reconstitution at a glance
RebalancingReconstitution
Object of the changeConstituent weightsIndex membership
FrequencyMonthlyQuarterly
Implementation00:00 GMT, first Index Business Day of the month00:00 GMT, first Index Business Day of the quarter

Average annual one-way turnover at the quarterly reconstitutions since 2017: 38.23%iAt each reconstitution, the sum of the weight increases from the weights in force before it to the weights it sets. The four reconstitutions of each year are summed, and the sums averaged over the full years 2017 to 2025. From the published monthly weights.

The separation of weight updates from membership review follows established practice among major equity benchmarks. Monthly reweighting maintains correspondence between index weights and prevailing market proportions; quarterly membership review constrains turnover and, consequently, the transaction costs borne by funds and products replicating the index.

The use of adjusted market capitalization, an exponentially weighted moving average with a three-day half-life, further prevents transient ranking changes from affecting index composition.

Interpretation and applications

Index-level exposure produces a materially different risk profile from concentrated positions in individual assets. Participation in the appreciation of constituents that cannot be identified in advance is retained, while the effect of any single constituent’s decline on the aggregate is bounded by its weight.

The CCi30 Cryptocurrency Index functions as a performance benchmark for asset managers and trading desks, as a measurement instrument for the cryptocurrency market and the broader digital asset sector, and as a replicable underlying for passive funds and exchange-traded products.

Download the index whitepaper
Read the index methodology manual

Statistics

These figures are computed from the official daily index values. They cover risk-adjusted return, volatility and the market efficiency ratio, each recalculated as new closes are published.

  • Sharpe-Rivin* ratio (annualized), since 1 January 2015iExpected one-year return divided by one-year volatility, both compounded from the index's daily returns since 1 January 2015 (Rivin's method); a pure number.0.61
  • Bitcoin Sharpe-Rivin ratio, since 1 January 2015iThe same annualized ratio computed from Bitcoin's daily returns since 1 January 2015; a pure number.0.67
  • Annualized volatility (daily returns), since 1 January 2015iStandard deviation of the index's daily log returns since 1 January 2015, times the square root of 365, in percent a year.73.81%
  • Volatility of 365-day returns (Rivin), since 1 January 2015iStandard deviation of the 365-day return compounded from the index's daily returns since 1 January 2015 (Rivin's method), as a fraction: 1.69 is 169%. Compounding is why it is more than the 30-day figure times the square root of 12.1.69
  • Volatility of 30-day returns (Rivin), since 1 January 2015iStandard deviation of the 30-day return compounded from the index's daily returns since 1 January 2015 (Rivin's method), as a fraction: 0.22 is 22%.0.22
  • Bitcoin (BTC)iLeast-squares regression of the index's daily returns on Bitcoin's, every day since 1 January 2015: R2 is the share of variance explained, Beta the sensitivity, and Alpha the daily intercept compounded over 365 days, as a fraction: 0.06 is 6% a year.R20.74327Beta0.95Alpha0.06
  • Euro (EUR/USD)iLeast-squares regression of the index's daily returns on the euro's (US dollars per euro), on its trading days since 1 January 2015: R2 is the share of variance explained, Beta the sensitivity, and Alpha the daily intercept compounded over 252 days, as a fraction: 1.00 is 100% a year.R20.00419Beta0.60Alpha1.00
  • Gold (GLD)iLeast-squares regression of the index's daily returns on SPDR Gold Shares', on their trading days since 1 January 2015: R2 is the share of variance explained, Beta the sensitivity, and Alpha the daily intercept compounded over 252 days, as a fraction: 0.92 is 92% a year.R20.01017Beta0.44Alpha0.92
  • S&P 500 (SPY)iLeast-squares regression of the index's daily returns on the SPDR S&P 500 ETF's, on its trading days since 1 January 2015: R2 is the share of variance explained, Beta the sensitivity, and Alpha the daily intercept compounded over 252 days, as a fraction: 0.73 is 73% a year.R20.07067Beta1.09Alpha0.73
  • Nasdaq-100 (QQQ)iLeast-squares regression of the index's daily returns on the Invesco QQQ Trust's (Nasdaq-100), on its trading days since 1 January 2015: R2 is the share of variance explained, Beta the sensitivity, and Alpha the daily intercept compounded over 252 days, as a fraction: 0.70 is 70% a year.R20.07138Beta0.88Alpha0.70
  • 30-day Market Efficiency RatioiNet move of the index over the last 30 daily closes divided by the sum of its daily moves, from 0 (no trend) to 1 (a straight line).0.34

* The Sharpe-Rivin ratio is a refinement of the Sharpe ratio developed by Professor Igor Rivin. It is intended to measure risk-adjusted returns more accurately under the return distributions characteristic of this asset class. The underlying research is set out in this paper.

All statistics are computed from the official daily closes since 1 January 2015. Regressions against the euro, gold, the S&P 500 and the Nasdaq-100 pair returns on each benchmark's trading days.

Calendar-year returns

YearCCi30Bitcoin
2015+6.22%+37.02%
2016+191.51%+123.83%
2017+4,778.75%+1,368.90%
2018−85.06%−73.56%
2019+13.98%+92.20%
2020+221.18%+303.16%
2021+226.53%+59.67%
2022−72.31%−64.27%
2023+106.64%+155.42%
2024+78.36%+121.05%
2025−26.75%−6.34%
2026 YTD−11.70%−8.57%

Last close of the year over the last close of the year before. 2015 runs from the base close of 1 January 2015 for both; 2026 runs to the close of 26 October 2026.

Rolling 90-day correlation of daily returns

Pearson correlation of daily returns over the trailing 90 calendar days: against Bitcoin every day, against the SPDR S&P 500 ETF on its trading days. Every value (CSV)

Download the daily OHLCV values (CSV) Explore historical constituents and weights Monthly factsheet, September 2026 (PDF)

Index administration

The CCi30 is administered by an independent team of mathematicians, quantitative analysts and fund managers led by Igor Rivin, Professor of Mathematics at Temple University and Regius Professor of Mathematics at St. Andrews University, and Carlo Scevola, economist and entrepreneur.

The index is used by financial institutions as the performance benchmark for cryptocurrency investment strategies. A commercial license provides real-time API access, historical data feeds and the right to reference the index as an underlying benchmark. A no-cost license is available to universities and research institutions for non-commercial academic use.

Contact the team

Inquiries regarding licensing, data access, product partnerships and academic research are directed through the form below.

More resources

FAQsVisit our FAQ Index dataDownload CSV datasets MethodologyWhitepaper and manual

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Questions and answers

Answers below cover what the index measures, how constituents and weights are chosen, when it is rebalanced and reconstituted, and how the data can be used.

What is a cryptocurrency index?

A cryptocurrency index is a financial benchmark that measures the performance of a defined basket of digital assets under published rules. It operates on the same principle as an equity index such as the S&P 500: constituent prices are combined into a single value, permitting measurement of the market rather than of individual assets. The CCi30 Cryptocurrency Index applies this construction to the thirty largest cryptocurrencies by adjusted market capitalization.

What does the CCi30 index measure?

The CCi30 Cryptocurrency Index measures the performance of the thirty largest cryptocurrencies by adjusted market capitalization, excluding stablecoins. That performance is expressed as a single value, with a base of 100 set at . The index has been published continuously since , when it was launched as the first independent, rules-based benchmark for the cryptocurrency market as a whole.

Why is a cryptocurrency index better than tracking Bitcoin alone?

An index measures the market; a single asset measures itself. Bitcoin-referenced benchmarks exclude the price behavior of every other asset in the market. The CCi30 Cryptocurrency Index addresses this limitation by tracking thirty constituents, including Bitcoin, Ethereum and twenty-eight further large-capitalization assets. Diversification across the constituent set bounds the effect of any individual asset’s appreciation or failure on the measured result.

Why exactly 30 cryptocurrencies?

Thirty is the minimum constituent count at which the index remains statistically significant as an estimator of the market. At thirty constituents the CCi30 Cryptocurrency Index represents the aggregate cryptocurrency market at a 99% confidence level with a margin of error of 1.11%. A larger constituent set would raise replication costs without improving accuracy; a smaller set would reduce diversification and compromise statistical significance. The reasoning is set out in full in the index whitepaper.

How are the constituents selected?

The index selects the thirty cryptocurrencies with the highest adjusted market capitalization. Adjusted market capitalization is an exponentially weighted moving average of market capitalization with a three-day half-life, which suppresses the effect of short-lived movements. Stablecoins are excluded on the grounds that their prices are pegged to fiat currencies and convey no information about the cryptocurrency market. The constituent ranking is recalculated at each quarterly reconstitution; constituent weights are recalculated at each monthly rebalancing.

How does square-root weighting work?

Each constituent is weighted by the square root of its adjusted market capitalization. Relative to capitalization weighting, this reduces the dominance of the two largest constituents and increases the contribution of mid-capitalization constituents. No caps or floors are applied, so weights track observed market proportions at each rebalancing.

Why is market capitalization data smoothed?

Smoothing protects index composition from short-term volatility and from manipulation. Each constituent’s market capitalization is smoothed by an exponentially weighted moving average calibrated to a three-day half-life. This reduces the effect of intraday movements on constituent selection and maintains stability of composition between maintenance dates.

When is the index rebalanced?

The index is rebalanced monthly. Rebalancing adjusts constituent weights: on the first calendar day of each month, adjusted market capitalizations are recalculated and revised weights are implemented at 00:00 GMT on the first Index Business Day. Rebalancing does not change index membership; membership changes occur only at quarterly reconstitution. Weights are normalized so that the index level is identical immediately before and after each rebalancing.

When is the index reconstituted?

The index is reconstituted quarterly. Reconstitution changes index membership: on the first calendar day of each quarter, the ranking by adjusted market capitalization is re-run, assets no longer qualifying for the top thirty are removed, and newly qualifying assets are added. Membership is fixed between reconstitution dates. An asset that enters the top thirty intra-quarter is not admitted to the index until it qualifies at the following quarterly review.

What is the difference between rebalancing and reconstitution?

Rebalancing changes weights; reconstitution changes members. The CCi30 Cryptocurrency Index rebalances monthly, updating the contribution of each of the thirty constituents, and reconstitutes quarterly, updating which thirty assets are held. The separation is deliberate: monthly reweighting maintains close correspondence with market proportions, while quarterly membership review constrains turnover and replication costs for products benchmarked to the index.

How is the index value calculated?

The index level is a weighted sum of constituent price ratios. Each constituent’s price ratio is multiplied by its weight and the results are aggregated into a single value. The index is calculated in real time; daily reference values correspond to the previous day close at . The complete formulas are published in the CCi30 methodology manual.

What happens when a constituent is delisted or compromised?

Where a constituent is delisted, suffers a protocol failure, or otherwise ceases to satisfy the eligibility criteria, the index committee reviews the asset and, where the condition persists beyond the threshold period specified in the methodology manual, removes it from the index outside the ordinary maintenance schedule. The next qualifying asset by adjusted market capitalization is admitted in its place, so that the index continues to comprise thirty investable constituents. The index divisor is adjusted so that the substitution has no effect on the index level.

Where can I download cryptocurrency index data?

CCi30 Cryptocurrency Index data is available at no cost on this page. The statistics section publishes three CSV files: daily OHLCV values of the index, index constituents by quarter, and monthly constituent weights. The daily file covers open, high, low, close and volume, and is updated each day.

Is there a real-time API?

A real-time API and associated data analysis tools are included in the commercial license. The academic license is provided at no cost to universities and research institutions for non-commercial research and includes access to index data and methodology documentation. License inquiries are submitted through the contact form on this page.

How transparent is the methodology?

The methodology is fully public. Construction rules, the weighting formula and the maintenance schedule are documented in the index whitepaper and the methodology manual, both of which are available for download without charge. The index level is independently verifiable by applying the published rules to market data.

Who uses the index?

Hedge funds, asset managers, family offices and private investors use the CCi30 Cryptocurrency Index. Financial institutions apply it as the performance benchmark for cryptocurrency strategies; private investors use it as a reference for diversified exposure to the asset class. Academic researchers access the index under the no-cost research license.

Can it underpin ETFs and structured products?

The CCi30 Cryptocurrency Index is licensed as an underlying benchmark for investment products. Its rules-based construction and published, replicable weights make it suitable for exchange-traded funds, exchange-traded products, certificates and structured notes. Issuers license index data and the CCi30 trademark under the commercial license.

Is the index itself an investable product?

The CCi30 Cryptocurrency Index is a benchmark and not an investable instrument. A benchmark is a measurement construct rather than a fund. Exposure is obtained by replicating the published constituent weights or by holding licensed products referencing the index. Replicability is one of the five design principles of the index, alongside diversification, transparency, market coverage and risk-aware calibration.

How does a cryptocurrency index handle volatility?

Three mechanisms operate in the same direction. Diversification across thirty constituents bounds the effect of single-asset failures. Square-root weighting reduces concentration in the two largest constituents. Smoothing of market capitalization limits the effect of short-term movements on composition. Current annualized and monthly volatility figures are published in the statistics section.

What is the Sharpe-Rivin ratio?

The Sharpe-Rivin ratio is a risk-adjusted return measure developed by Professor Igor Rivin, co-creator of the CCi30 Cryptocurrency Index. It refines the classical Sharpe ratio for the return distributions characteristic of cryptocurrencies. Current values for the index and for Bitcoin are published in the statistics section, and the underlying paper is available for download.

What is the Market Efficiency Ratio (MER)?

The Market Efficiency Ratio quantifies the extent to which a price series follows a directional trend rather than undirected movement. It is calculated as the absolute price change over a period divided by the sum of absolute daily changes within that period, and takes values between 0 and 1. Higher values indicate more trend-like behavior. The CCi30 Cryptocurrency Index publishes a 30-day Market Efficiency Ratio alongside the live index level.

Who maintains the index?

The CCi30 Cryptocurrency Index is administered by an independent team of mathematicians, quantitative analysts and fund managers, led by Igor Rivin, Professor of Mathematics at Temple University, and Carlo Scevola, economist and entrepreneur. The team has administered the index continuously since .