# Price methodology

The real-time price is based on order-books rather than on trades

# The Bitcoin USD Aggregated Price

The Bitcoin USD Aggregated Price is a weighted average of mid market prices from the selected exchanges.

This price is based on all the available BTC-Fiat and BTC-Tether trading data (BTC/USD, BTC/EUR, BTC/USDT), where BTC is a base currency, and any non-USD currency is rendered in USD according to the current FX rate, and BTC-Tether (BTC/USDT) pairs where BTC is a base currency from selected exchanges.

The weight of an exchange is defined as its share in the trading volume (in BTC) of the abovementioned pairs for the period of 24h.

Mid market price is calculated as follows:

$midmarket = \frac{wva(0.5\% Bid) + wva(0.5\%Ask)}{2}$

where:

• wva is volume-weighted average

• 0.5%Bid is all bid orders, whose prices are lower than the best bid by no more than 0.5%

• 0.5%Ask is all ask orders, whose prices are higher than the best ask by no more than 0.5%

• If 0.5%Bid or 0.5% Ask is not available, then best bid or ask is used

The list of fiat price currencies is limited to those freely convertible:

• BTC/USD

• BTC/EUR

• BTC/JPY

• BTC/ZAR

• BTC/TRY

• BTC/GBP

• BTC/PLN

• BTC/AUD

• BTC/RUB

USDT is translated to USD based on the USDT/USD naive mid-market price.

# Altcoins and Tokens Aggregated Prices

Altcoins and Tokens Aggregated Prices, calculated in BTC, are a weighted average of mid-market prices (see the formula above; it is not a naive mid-market price) from the selected exchanges, that include all the available XXX/YYY pairs (where XXX is a base currency coin/token, and YYY is a price (a.k.a quote) currency such as USD, BTC, ETH etc.).

The weight of an exchange is defined as its share in the trade volume (in coins/tokens) of the abovementioned pairs for the period of 24h.

The list of fiat price currencies is limited to those freely convertible (see the list above).

The real-time exchange rate of fiat currencies is obtained just as it is for BTC Price Index. The real-time exchange rate of cryptocurrencies is calculated as naive reference price.

USD price, as well as USD volume, are calculated through a reference BTC price. USDT is translated to USD based on the USDT/USD naive reference price.

The asset volume for the period is the cumulative volume of the asset in base currency, from all supported exchanges during the specified period.

The BTC volume and USD volume are calculated based on an asset volume and last value of the respected Price Indices within the period.