In a span of twelve months, cryptocurrencies have gone from fringe asset to one of the hottest inclusions amongst retail brokerages and exchanges. The hype is real, and heading into 2018 Bloomberg has clearly recognized this trend, adding Ethereum, Litecoin and Ripple to the Bloomberg Terminal.
Bloomberg Terminal is arguably the most widely used data provider available, providing breaking news, research, analytics, and other execution capabilities bundled into one cohesive solution. However, one of the key blind spots on the terminal for much of 2017 was in the crypto space, a reality that the group has opted to address with the new addition of leading altcoins.
While Bitcoin has captured most of the focus during the year, the rapid rise of other altcoins have also helped kindle interest in the space. Bitcoin remains the largest cap cryptocurrency with nearly $300 billion, though Ethereum, Litecoin, and Ripple have quickly emerged as viable players.
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These altcoins has been embraced by both retail and institutional investors, which explains their steady inclusion onto leading broker platforms and institutional venues. The addition of Ethereum, Litecoin, and Ripple to Bloomberg Terminal are an obvious nod to foreign exchange (FX) traders looking to get exposure to these instruments.
Indeed, these coins are all trading at record highs, with their high levels of volatility making them ideal instruments for traders. Their addition to Bloomberg Terminal also shores up the solution’s focus on the crypto space, as the altcoins are distinctly different in nature from Bitcoin. Bitcoin is already included on the Terminal.
Moving forward it seems plausible that the Bloomberg Terminal may add even more cryptos to its offering, as the market cap of other cryptos continue to rise. The market cap of Ethereum ($63.0 billion), Litecoin ($14.6 billion), and Ripple ($28.8 billion), along with Bitcoin, now reflect the most widely traded cryptocurrencies.
These altcoins constitute the most substantial cryptos to date, which along with Bitcoin, reflect the most diverse exposure for investors. Time will tell which other coins will make the leap.