- TAGZ5 (TAGZ5) tracks the price action of the five altcoins of Ethereum (ETH), XRP, EOS, Bitcoin Cash (BCH) and Litecoin (LTC).
- TAGZ5 was forked from the original TAGZ token of the TAGZ exchange.
- The exchange is based out of Australia with a user base in the Asia-Pacific region.
- At the time of writing this, the TAGZ exchange is ranked 11th according to reported 24-hour trade volume.
The task of always being up to date with regards to your favorite major cryptocurrency just got easier with the TAGZ5 token available for trading on the TAGZ exchange. This token tracks the price activity of five major cryptocurrencies through a weighted mean. TAGZ5 tracks Ethereum (60%), XRP (15%), EOS (15%), Bitcoin Cash (5%) and Litecoin (5%). The complete formula on how the value of TAGZ5 is derived can be found in the token’s whitepaper.
At the time of writing this, the token is currently valued at $2.05 and is up 12.92% in the last 24 hours. This can be attributed to the fact that the five digital assets that make up the value of the token, have had a pretty stable day amidst the market uncertainty brought about by the Coronavirus pandemic.
A Brief History of Indices that Track Multiple Digital Currencies
Cryptocurrency indices that track multiple digital assets have been popularized by crypto exchanges such as FTX. The latter exchange has several such indices such as the ALT-PERP and SHIT-PERP.
To begin with, the ALT-PERP uses the weighted average value of BCH, BNB, BSV, EOS, ETH, LEO, LTC, TRX and XRP. Additionally, SHIT-PERP tracks a basket of low-market-cap coins also with a weighted average.
This method of tracking digital assets via an index is no different from how the Dow and S&P 500 are structured to track the stocks belonging to top-performing companies. The Dow Jones Industrial Average (DJIA) measures the stock performance of 30 large companies listed on stock exchanges in the United States. Additionally, the S&P 500 measures the performance of 500 large companies listed in the same American markets. Both the Dow and S&P 500 are thus used to track the overall health of the US economy.
More About the TAGZ Exchange
The TAGZ exchange was launched in March 2019 and has quickly risen to become Australia’s largest crypto exchange. TAGZ is fully regulated and licensed by the Australian Securities and Investment Commission (ASIC). The exchange is AML/CTF compliant and registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The exchange is ranked 11th according to the 24-hour reported volume at the time of writing this. The exchange offers a variety of coins and tokens for trading including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, TAGZ5, Enjin Coin, Bancor, Matic, BAT, OMG, POE, HEX, NPXS and more.
(Feature image courtesy of Luke Chesser on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.