Kavya Barua

The country’s cryptocurrency sector is expanding quickly. According to reports, approximately 8% of Indians currently hold cryptocurrency. According to a November 2021 analysis by crypto research and intelligence agency CREBACO, India’s investment in cryptocurrency increased to more than $10 billion from $923 million in April 2020.

With Its Debut, IC15 Becomes India’s First Cryptocurrency Index

Cryptocurrencies have begun a corrective phase after a significant run-up in 2021. The forthcoming cryptocurrency regulatory law and the Reserve Bank of India’s caution against the usage of cryptos have also kept cryptos under pressure.

The country’s IC15 cryptocurrency index would follow the performance of the top 15 cryptocurrencies globally. India has more than 100 million cryptocurrency owners, according to BrokerChooser, a broker finding and comparison website.

Jigish Sonagara, MD and CEO, stated that:

CryptoWire is positioned to emerge as a partner of the industry to spread knowledge, research and information, and help participants make informed decisions.”

The firm is a rule-set broad market index based on market capitalization that follows and measures the top 15 extensively traded liquid cryptocurrencies listed on the world’s leading crypto exchanges.

It supports 15 different cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, Solana, Cardano, Ripple, Terra, Dogecoin, and Shiba Inu. This Index’s base value is 10,000, and the base date is April 1, 2018. The IC15 Index opened at 71,463.30 points on January 1, 2022. It should emphasize that any index that captures more than 80% of market movements is a fundamental market tracking and valuation tool to base index judgments.

All About IC15: India’s First Cryptocurrency Index

Furthermore, the index will include data on crypto mining and the overall performance of the cryptocurrency market. While its primary goal will be education, it will provide diversification opportunities for investors interested in various crypto blockchains and tokens.

The IC15 might someday become a benchmark for fund managers to use to assess the performance of underlying cryptocurrencies and associated products, as well as a representation of market mood.

The IC15 Index will be a wonderful Industry barometer that serves as a transparent and efficient benchmark.

“What really helps participants is that the index is simple and easy to replicate. It facilitates lowering the cost for investment vehicles and keeping the everchanging and fast-moving nature of the digital universe that we today are living in, the IC15 Index is designed for Robo-investors,” stated CryptoWire.

Bitcoin — 51.57

Ethereum — 25.79

Binance Coin — 5.03

Other Altcoins — rest, each with a weightage of not more than 5

The divisor will be calculated based on the total market capitalization of all index members on the base date.The index is normalized during each rebalancing period by multiplying it by a specific normalizing factor.

The IC15 has a base value of $10,000 and a base date of April 1, 2018. This indicates that as of December 31, 2021, the index has risen 615% in absolute terms to 71,475.18.

Quarterly, the index will be watched and scrutinized in preparation for review and rebalancing. In March, June, September, and December, the deadline for reviewing has already been established on the 15th calendar day.

The CryptoWire index governance committee, which includes domain experts, industry professionals, and academics, will oversee, monitor, and administer the Index, rebalancing it quarterly.

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