“CoinAPI is a reliable real-time data feed provider for the indexes. The price/quality ratio is the best on the market. Being able to offer a real-time index gives us a great advantage, which is the primary benefit of partnering with CoinAPI” Carlo Scevola, CEO of CCi30

The Power of Crypto Index: Insights from Carlo Scevola, CEO of CCi30

Cryptocurrency indices are key to monitoring the market dynamics of financial sectors in today’s world. Despite being vulnerable to big price volatility and administrative vulnerability, digital currencies have captured the attention of a lot of investors, making them impossible to ignore. In short, digital currencies are here to stay and indices allow products related to digital currencies to launch and be present in the traditional financial system.

Crypto indices gives you a quick view of what’s happening in the crypto markets. This saves time for crypto brokers and analysts who would otherwise need to check the entire market. For investors, crypto indices gives you a way to diversify risk by investing in multiple cryptocurrencies at once. While mutual funds and ETFs are not yet available in the crypto world, some say that investing in an index is a good alternative, you can diversify your portfolio with just one investment. Indices also makes the cryptocurrency market more accessible and liquid. The presence of indices makes non-crypto investors more likely to take the crypto world seriously.

CCi30 needs to have access to good data to be successful, that’s why they decided to use CoinAPI. To learn more about how CCi30 crypto index tracks cryptocurrencies using real-time crypto data API, we talked to Carlo Scevola, CEO of CCi30.

The Cryptocurrency Market Issue

The cryptocurrency market is unique and changing every day, new digital coins emerge and disappear every day. As cryptocurrencies have become a tradable asset class, there is a growing need for an index product.CCi30 needed a real-time data stream at a reasonable cost and CoinAPI delivered that - high quality data that’s always available. Plus CoinAPI has customizable APIs so users can make the most out of cryptocurrency data.

“It was imperative to have access to dependable real-time data related to the index at a reasonable cost. This was essential for us because we wanted to provide our users with an accurate reflection of crypto market trends. Additionally, we were looking for a straightforward way to incorporate this information into our service without having to program it ourselves or hire someone else who would require a long period of instruction before being able to commence work.” Carlo said

CCi30's Challenges

No Real-Time Crypto Data

CCi30 had a big challenge in finding a market data API that can give them instant access to both historical and real-time data of cryptocurrencies. They needed a streaming market data solution that can give more than just minute or daily bar data.

Collecting Data From Many Resources

CCi30 was struggling to get the required information from multiple sources which was a time consuming process. They were looking for a partner that can join them fast and give them all the data they need. The task of combining data from different free sources, gather it from various locations and then make sense of it was hard and frustrating. It would take a lot of time to accomplish this.

Poor Data Quality

Market data API’s poor quality is a big problem for businesses that need good data to make informed decisions. These APIs are often unreliable, giving wrong pricing information or outdated data. And sometimes they are slow or have technical issues that makes them hard to work with. All these contributes to a bad and unreliable market data API experience.

CoinAPI's Solution

Real-Time Data Feed Integration

CCi30 had to find a real-time data feed to stay relevant in their fast-paced industry. This was a crucial part of their index that was missing. With CoinAPI’s real-time data feed, CCi30 can now give their users a precise index that’s updated daily.

“To be successful in the index industry nowadays, it is essential to have the capacity to analyze a huge amount of data from numerous sources and to calculate it accurately and quickly. Fortunately, there has been improvement in this area, and CCi30 is one of the major actors in the indices arena. Through CoinAPI, CCI30 can access thorough prices and market understanding of a wide selection of assets.” Carlo said

Transparent Cryptocurrency Indices

The CCi30 Cryptocurrency Indices were created to bring transparency to the ever-changing market in a systematic way. To create the indices, CCi30 gathered pricing data from CoinAPI, a trusted market data API provider in the crypto asset industry.

Reliability and Affordability

CCi30 chose CoinAPI’s feed because of its reliability and affordability. CoinAPI provides price data for over 16,000 digital assets, including many cryptocurrencies such as Bitcoin, Ethereum, Tether, and Litecoin. The pricing data is gathered from more than 300 digital exchanges, including the largest and most trusted ones, which provide most of the market liquidity.

“CoinAPI's up-to-date data feed has helped us to make the cryptocurrency market more transparent by supplying accurate details about the behavior of individual digital currencies and the influence they have on other tokens in this ever-changing landscape.” - He mentioned

Comprehensive and Accurate Pricing Benchmark

CoinAPI provides real-time data to track various cryptocurrencies, making it easy for software developers, analysts, and fintech companies. Covering many cryptocurrencies and aiming to be the most user-friendly APIs for their clients.

CCi30 aggregates real-time price data from major exchanges of almost all distributed-ledger cryptocurrencies, making it the most comprehensive and accurate pricing benchmark in the industry. It tracks the 30 largest cryptocurrencies by market cap, excluding stablecoins such as Monero, Bitcoin Cash, and Ethereum Classic.

Creation and Popularity of CCi30

Launched in 2017, CCi30 was created by a team of fund managers, mathematicians, and quantitative analysts. It is the most popular index for cryptocurrencies and includes other tokens such as Litecoin, Ripple (CRP), and Monero in its index methodology.

Results CCi30 Saw After CoinAPI Integration

Real-time Stream of Crypto Data

The CCi30 team can now retrieve all financial reference, real-time pricing, historical pricing and indices data related to trading currencies, currency derivative instruments, short-term money market instruments and interest rate derivatives. This faster access to data allows the team to cover all aspects of trading.

Reliable Source of Data

It’s hard to find good data source. Luckily there is a trusted CoinAPI provider. CoinAPI is a trusted source that provides both real-time and historical data to the financial markets.

Deep Coverage of Cryptocurrency Space

There are many indices that measure the performance of the top cryptocurrencies. But these indices only cover a small number of coins and do not offer the same level of diversification as investing in a basket of stocks. This makes it hard for investors to achieve meaningful diversification. And these indices do not necessarily provide a full representation of the entire cryptocurrency market. Fortunately the CCi30 index powered by CoinAPI can offer a wider range of assets for investors to consider.

Reduced Volatility of Trading Prices - More Stable Price Point

The prices in the trading market can be very unstable and uncertain. But with CCi30 as your partner the volatility is reduced and a more stable price point is presented. This means the risk of big price swings is minimized and the downside risk is reduced since the maximum price a buyer or seller is willing to offer is already fixed.

“We are absolutely delighted to be partnered with CoinAPI. It is a firm that is driven by engineering and is highly focused on creating products. Their primary target is to offer the simplest and most convenient APIs to software developers and tech-savvy investors. If you are looking for real-time information sourced directly from all marketplaces, then CoinAPI is the way to go.“