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CoinDesk's Bradley Keoun, founding editor of The Protocol newsletter, wrote this article, based on charts prepared by Tracy Stephens of CoinDesk Indices.
CoinDesk Market Index (CMI) has 5x'd the S&P 500 this year
2023 cmi vs macro
The CoinDesk Market Index (CMI) is CoinDesk's broadest, most inclusive gauge of digital-asset markets – "Crypto's S&P 500," as we like to call our benchmark index. In the year through Dec. 21, the CMI more than doubled, gaining 125% to be precise. As seen in the chart above, the bulk of the year's returns came during the first quarter of the year, and during the last quarter; in between, there were a lot of doldrums, bringing a lot of gut-wrenching anxiety (and layoffs) for the crypto industry, before the green shoots started to show. Bitcoin (BTC), the largest cryptocurrency by market capitalization, outperformed the benchmark, while Ethereum's ether (ETH), the second-biggest, underperformed. The CMI's year-to-date return was roughly five times the 23% figure for the Standard & Poor's 500 Index, the benchmark for U.S. stocks.
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Also please check out our weekly The Protocol podcast.
CoinDesk Computing Index (CPU) leads sector index returns
cmi sectors ranking 2023
The CoinDesk Computing Index (CPU) led gains among the CMI sector indices, with a 167% return in 2023. The index corresponds to the Computing sector within the CoinDesk Digital Asset Classification Standard.
The definition of the Computing sector is as follows: "The Computing sector consists of projects that aim to decentralize the sharing, storing and transmission of data by removing intermediaries and ensuring privacy for all users. All projects that aim to gather, transmit, store and share data and web services in a decentralized manner play a key factor in building the infrastructure of Web3. This includes on-chain and off-chain data transmission, social data platforms, peer-to-peer secure data transactions, open networks, free market private computation and decentralized file storage and file sharing."
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