TL;DR Breakdown
- CryptoWire launches the first crypto index in India.
- The IC15 index will track and measure the performance of 15 major cryptocurrencies.
- The index will help investors to make more informed and conscious decisions in the crypto space.
CryptoWire, the Mumbai-based all-rounder crypto app has launched India’s first crypto index called the IC15. The index will be used to track the performance of 15 major cryptocurrencies in the market, which includes: Bitcoin, Ethereum, Solana, XRP, Terra, Shiba Inu, Dogecoin, Polkadot, Chainlink, Binance Coin, Avalanche, Uniswap, Bitcoin Cash, Litecoin, and Cardano.
The IC15 index will track performance metrics from the base date of April 1st, 2018. According to CryptoWire CEO Jigish Sonagara, IC15 will track over 80% of the market movement of these cryptocurrencies. The CEO also emphasized that this launch will facilitate wider crypto knowledge in India. The key purpose of the IC15 index is to encourage users in learning about the crypto and blockchain ecosystem, before potentially investing in digital assets. CryptoWire defines it as the ‘learn before earn’ initiative.
Understanding the IC15 crypto index
IC15 is a rule-based index that tracks and measures crypto performance in terms of market capitalization. The index will be administered and monitored by the Index Governance Committee of CryptoWire. The committee includes a wide range of professionals including academicians, financial analysts, domains experts, and other financial experts.
Currently, Bitcoin (BTC) has the highest weight score of 51.57 on the index. Ethereum (ETH) sits in the second spot with a 25.79 weight score. Among the altcoins, Binance Coin (BNB) has the highest weightage on the index, with a score of 5.03. The fundamental framework of IC15 will serve as a benchmark for new investors, developers, and miners.
Cryptocurrency has been under a lot of scrutinies in India recently. With stricter crypto regulations being considered by the government and the RBI pushing for a total ban, the IC15 index will bring a lot of clarity to the crypto knowledge base of India.