IC15 Index is the first crypto index of India
Last updated on December 22nd, 2022 at 04:36 am
IC15 Index was the first crypto index launched in 2022. The boom of cryptocurrency swept the world to its magic. And India is not far behind it. The different players are showing their interest in investing and offering the best services for their investors in the country. In this regard, CryptoWire has launched a dedicated index for Indian investors named IC15.
This launch has come at a time when there are several efforts from authorities to set some rules to regulate the cryptocurrency industry. It will measure the performance of the 15 most extensively traded cryptocurrencies listed on leading crypto exchanges by market capitalization. Mint explains its working and significance. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was supposed to get its approval in the winter session but it could not be done. RBI may launch its own cryptocurrency.
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HOW WILL IC15 INDEX WORK?
The IC15 of CryptoWire’s Index comprises a governance committee (IGC) that includes domain experts, industry practitioners as well as academicians. They will maintain, observe and monitor, and administer the index while rebalancing it every quarter, the company’s statement said, adding, the base value of the index is set at 10,000 and the base date is April 1, 2018. Jigish Sonagara, the managing director and CEO of CryptoWire, said, “Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions.”
The aim of India’s index of cryptocurrency is meant to increase awareness and knowledge of cryptocurrency, crypto mining, crypto EFTs, funds, the cryptocurrency market, as well as blockchain technology. The top four positions will be taken up by Bitcoin, Ethereum, Binance Coin, and Solana.
IC15 Index contains the following cryptocurrencies list
| Bitcoin | BTC |
| Bitcoin Cash | BCH |
| Ethereum | ETH |
| Cardano | ADA |
| Litecoin | LTC |
| Ripple | XRP |
| Binance Coin | BNB |
| Chainlink () | |
| Polkadot | DOT |
| Uniswap | UNI |
| Dogecoin | DOGE |
| Solana | SOL |
| Terra | LUNA |
| Shiba Inu | SHIB |
| Avalanche | AVAX |
Which cryptocurrencies will be included in the index?
The IC15 are contained Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shia Inu.
How will IC15 benefit the investor?
This will benefit its traders as follows
According to Jigish Sonagara, the CryptoWire managing director, “this will not only push the ‘learn before earn’ initiative but also serve the industry with yet another powerful intervention. Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions.”
The IC15 index has been intended to provide an understanding of crypto mining and its standard.
It gives an insight into the crypto market and its industry with its different market sentiment
Few points regarding IC15 Index
- Base date is fixed as 1st April 2018
- IC15 is the first index in India
- The index is set at a base of 10,000
- only feature 15 cryptocurrencies
- Only cryptocurrency coins are considered
- Stable Coins are not eligible
- The top four foremost tokens on IC15 are Bitcoin, Ethereum, Binance, and Solana.
- The market capitalization of the past month is in the top 50
- At least 90% of the trading days of the respective review period
- Currency is US Dollar
- Daily volatility is 4.4
- Constituents only 15
- The review has been done Quarterly
- the index includes a governance committee (IGC)
Criteria for cryptocurrency covered in the IC15 Index
- Cryptocurrency must be traded during 90 percent of the decided review period
- It must be among the top 100 most liquid cryptocurrencies in the world by trading value
- It must be among the top 50 cryptocurrencies in the world by circulating market share
