CryptoWire launches India’s first index to measure performance of top cryptocurrencies

New Delhi: CryptoWire, the global crypto app and private business unit of TickerPlant, said on Monday that it had launched India's first cryptocurrency index, IC15.

IC15 is a rule-based broad market index by market capitalization which tracks and measures the performance of the 15 most traded liquid cryptocurrencies, by market capitalization, that are listed on the world's major crypto exchanges.

Over the past years, cryptocurrencies have emerged as an asset class, gaining greater acceptance and attracting people. It said that this index captures over 80 percent of market movement and is therefore a fundamental market tracking and assessing tool.

The CryptoWire Index Governance Committee, comprising domain experts, industry practitioners, and academics, 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. Among the tokens, Bitcoin has the highest weight in the index, at 51.57, while Ethereum has a weight of 25.79 in the index.

With the exception of the Binance coin (5.03 weightage), no other coin has more than 5 pesos in the index. It does not include stablecoins like the Tether and USD coin.

IC15 has been designed with the objective of gaining insight into crypto mining, a benchmark for fund managers, portfolio diversification, and a benchmark and mirror for the underlying crypto market, among others, the company said.

With the launch of the first Indian digital currency index IC15, we intend to complete the knowledge cycle of the entire crypto and blockchain ecosystem, said Jigish Sonagara, MD & CEO, CryptoWire.

"This will not only push the ' learn before earn' initiative, but also serve the industry with yet another powerful intervention," he added.

The company said that CryptoWire is the first port of entry to the blockchain and cryptocurrency.

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