The world’s most diversified cryptocurrency index, Crypto Price Index, has announced the recent listing of its token (CPI) on HotBit. The news was announced on July 15th. The listing price of CPI on HotBit was $5.
Crypto Price Index (CPIX) is a project that makes innovative use of Defi protocols to track over 200 cryptocurrencies, thus making it one of the largest indexes in the world. Unlike other indexes that only allow a fixed set of cryptocurrencies to be tracked, CPIX allows for the creation of custom baskets of cryptocurrencies to be monitored.
Crypto Price Index uses a special DeFi token, CPIX, to track the prices of the cryptocurrencies. Each minted CPIX token represents the price of the underlying asset. This allows any cryptocurrency to be monitored in a decentralized manner. New assets can be added after purchasing the required amount of CPI token, thus creating a demand for the tokens.
“Cryptocurrency has the potential to expand opportunities for wealth generation to those who have previously been disenfranchised from legacy financial systems,” said Herbert Law. “However, unstable prices reduce the value of cryptocurrency as a store of value. CPI will bring much-needed stability to crypto markets with its suite of tokens whose value is based on the average of top-trading tokens.”
CPI was listed on HotBit for an initial price of $5 on July 15th but currently, it’s trading at $16 up by 300% in the past two weeks. This makes CPI as one of the biggest gainers in July 2020.
CPI’s Price Chart. Source: HotBit
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