CryptoWire, the global crypto super application which is a special business unit of TickerPlant, has launched India's first index of cryptocurrencies. Called IC15, this index tracks performances of the top 15 most widely traded and liquid cryptocurrencies listed on leading crypto exchanges of the world by market capitalisation.

Over the past years, cryptocurrencies have emerged as an asset class in themselves, gaining wider acceptance and drawing people's interests. An index that captures over 80 per cent of market movement is, thus, a fundamental market tracking and assessing tool to base decisions on and enhance transparency.

CryptoWire's Index Governance Committee, comprising domain experts, industry practitioners, and academicians, will maintain, monitor, and administer the index while rebalancing it every quarter. The Base Value of the index is set at 10,000 and the base date is April 1, 2018.   India is All Set to Become Crypto Powerhouse after China!

Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shiba Inu will be the constituents of IC15.

Launching IC15, CryptoWire Managing Director and CEO Jigish Sonagara 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 eco-system. This will not only push the 'learn before earn' initiative but also serve the industry with yet another powerful intervention. At CryptoWire, 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 Mumbai-based company said IC15 has be 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.

It presents an easy solution to follow for having a diversified portfolio, acts as a performance benchmark for fund managers, facilitates accurate replication of the index, and be the preferred index for the creation of index-linked products like index funds, ETFs among others, and positions the index for efficient derivatives trading in the cryptocurrency trading marketplace, CryptoWire said.  These Indian Crypto-Startups Are Making a Buzz Worldwide

The index enables crypto enthusiasts, investors, and investment managers to monitor the performance of cryptocurrencies in the global markets.

(The above story first appeared on LatestLY on Jan 06, 2022 09:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website