CryptoWire Launches India’s First Cryptocurrency Index IC15, Intends to Empower the Investors
CryptoWire, the super app for cryptocurrency enthusiasts, on Monday(3rd January,2022) announced the launch of India’s first index of cryptocurrencies – IC15. The company said that it is a rule-based broad market index by market capitalization, which tracks and measures the performance of the top 15 cryptocurrencies in the market. It is designed to track the performance of the markets, as opposed to tracking the performance of a single coin or token.
Cryptocurrency Index IC15 is the first of its kind in India
The IC15 Index is the first of its kind in India, and the second index based on the performance of cryptocurrencies globally.It has been designed to provide insights into crypto mining and the true benchmark and a mirror of the underlying crypto market, a barometer of the industry in a sense, with a diversified representation of overall market sentiments.
Constituents of Cryptocurrency Index IC15
The 15 cryptocurrencies include Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shia Inu.
What Company(CryptoWire ) Says about Constituents of Cryptocurrency Index IC15
Jigish Sonagara,Managing Director and CEO, CryptoWire said “With the launch of India’s first index of crypto IC15, we intend to complete the knowledge circle for the entire crypto and blockchain ecosystem. This will not only push the ‘learn before earn’ initiative but also serve the industry with yet another powerful intervention”.
“We want all participants to utilise to the fullest, this research-oriented technology-powered opportunity that we present to them for tracking the market. CryptoWire is positioned to emerge as the partner of industry to spread knowledge, research and information and help participants take informed decisions. IC15 is another step towards this goal.”
What Crypto Index IC15 intends ?
The Cryptocurrency Index IC15 is built on the premise that a transparent index of cryptocurrencies is better than a transparent market. The IC15 Index is transparent, giving investors and traders a clear view of what is driving the performance of the markets.
As per Cryptowire, the IC15 index has been designed with the objective of presenting an easy solution to follow for having a diversified portfolio, acting as a performance benchmark for fund managers and facilitating accurate replication of the index and be the preferred index for creation of index-linked products such as index funds, exchange-traded funds(ETF), etc.
Criteria for Inclusion in Crypto Index IC15
According to CryptoWire , a cryptocurrency can be listed on the index, only if it trades on at least 90 per cent of the trading days during the review period. The token should remain in the top 50 in terms of circulating market capitalisation during the preceding month. Also, the crypto should be amongst the top 100 most liquid cryptocurrencies in trading value to be listed on the IC15 index.
Governance Committee of CryptoWire’s IC15 Index
CryptoWire’s Index Governance Committee comprises domain experts, industry practitioners and academicians who will maintain, monitor and administer the index while rebalancing it every quarter.
Base Value and Base Date
The base value of the Cryptocurrency Index IC15 is set at 10,000 and the base date is set as 1st April 2018. As of 1st January 2022, IC15 index open value stood at 71,463.30 points.
It may please be noted that any index that captures over 80 per cent of market movement is, thus, a fundamental market tracking and assessing tool to base decisions on. CryptoWire through its launch of IC15 intends to empower the investors to make informed decisions.
History of CryptoWire
TickerPlant, a subsidiary of 63 Moons Technologies Limited, in December,2021 had launched CryptoWire, a global crypto super app, focused on providing knowledge, research, training, awareness, information, and data based on principles of credibility and stability.
