CCI30 (website) was created and is maintained by a team of mathematicians, quants and fund managers lead by Igor Rivin, Professor of Mathematics at Temple University and Regius Professor of Mathematics at St. Andrews University, and Carlo Scevola, economist and director of Hermes Asset Management. Robert Davis is responsible for technology.
How the CCI30 is calculated
This index is quite fun, rather than try to explain how they calculate it I reproduce it verbatim from their website.[my bold]
How do we compute the top 30?
The market capitalizations of cryptocurrencies are quite volatile, and thus the “top 30” have to be computed much more frequently than, say, the constituents of the S&P 500. We have decided to do a full computation of the constituents every quarter, and then a reweighing of the constituents in the index monthly. In addition, the volatility of the space makes it unreasonable to compute the top thirty cryptocurrencies based on the market cap on a single day (say, the first day of each quarter). We smooth our data by using an exponentially weighted moving average of the market capitalization.
How do we weigh?
The S&P 500 weighs its constituents by market capitalization. This is (somewhat) reasonable in the mature equity market – somewhat, because the top 52 names in the S&P 500 account for half of the total weight. The situation is much more extreme in the cryptocurrency space, where, currently, a single constituent – Bitcoin – accounts for about 35% of the total capitalization of the market. This makes a proportionally-weighted index not so useful, so we have decided to weigh each component proportionally to the square root of its (smoothed) market capitalization.
The CCI30 index is currently used by Cryptos Fund, a regulated index tracker fund, as the benchmark for its passive investment strategy.