In Brief:
- CryptoWire launched India’s first global index of cryptocurrencies titled ‘IC15.’
- It tracks and measures the market capitalization-based performance of the top 15 cryptocurrencies.
- The index intends to encourage Indians to learn more about crypto before investing in it.
Mumbai-based crypto app CryptoWire announced the launch of IC15, India’s first global index of crypto.
IC15 is a rule-based broad market index by market capitalization. It tracks and measures the market capitalization-based performance of the top 15 widely traded liquid cryptocurrencies listed on key crypto exchanges around the world.
Bitcoin, Ethereum, Cardano, Solana, Terra, XRP, Shiba Inu, Polkadot, Chainlink, Binance Coin, Avalanche, Dogecoin, Uniswap, Bitcoin Cash, and Litecoin are among the 15 significant cryptocurrencies.
A cryptocurrency must be traded on at least 90% of trading days during the review period and be in the top 50 in terms of circulating market capitalization during the prior month, among other requirements, to be considered for this list.
The index’s base value is 10,000, and the base date is April 1, 2018. The open value of the IC15 index on January 1 was 71,463.30 points.
Bitcoin has the largest weight on the index, at 51.57 percent, while Ethereum has a weight of 25.79 percent.
Except for Binance Coin, which has a weightage of 5.03, no other altcoin has a weightage of greater than 5 on the index.
Domain specialists, industry practitioners, and academicians make up the IC15 index’s governance committee.
The index will be maintained, monitored, and administered by them, and it will be rebalanced every quarter.
The IC15 index’s main goal is to encourage Indians to learn more about cryptocurrency and the blockchain ecosystem before investing in digital assets.
Jigish Sonagara, managing director and CEO, CryptoWire stated, “With the launch of India’s first index of crypto, IC15, we intend to complete the knowledge circle for the crypto and blockchain ecosystem. This will not only push the ‘learn before earn’ initiative but also serve the industry with a powerful intervention.”
Cryptocurrency has recently been subjected to a lot of criticism in India to no one’s surprise. Even though there were reports that the crypto bill would be presented in the Winter Session of the Parliament it didn’t happen. We can hope the IC15 index will provide a lot of perspective to India’s crypto knowledge.
