CryptoWire, the global crypto super app, has launched India’s first Index of cryptocurrencies, named IC15. The newly added Index will track and evaluate the market capitalization of the 15 largest cryptocurrencies in the international digital currency market. With this, CryptoWire aims to acquaint investors with blockchain and help them comprehend the entire ecosystem.
Investors have shown an avid interest in knowing the crypto market due to the growing acceptance of digital assets in the past few years. Since the Index scans over 80% of market movement, it is known to be a tool with market insights that establish transparency in the blockchain market. It additionally offers a base for investment decisions of crypto traders.
In the recently held Winter Session, ‘Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ was presented in the Lok Sabha. However, it has not been discussed in Parliament yet.
The newly introduced IC15 Index has set a committee that includes industry practitioners, cryptocurrency and blockchain experts, and academicians. This committee will record, evaluate and manage the Index and realign the weightings of a portfolio of assets every quarter. The base value and base date have been set at 10,00 and April 1, 2018. IC15 Index’s open value stood at 71,463.30 points as of January 1.
IC15 presently includes the top cryptocurrencies, namely Avalanche, Bitcoin, Bitcoin Cash, Binance Coin, Cardano, Chainlink, Dogecoin, Ethereum, Litecoin, Polkadot, Shia, Solana, Terra, Uniswap, and XRP Inu. Among them, Bitcoin has topped the Index, weighing 51.57 strong. Similarly, Ethereum stands with 25.79 weightage on the Index.
CryptoWire is a company running under Tickleplant, a leading global financial information and content provider in the industry. The Managing Director Jigish Sonoagara addressed the media on Tuesday, talking about the latest IC15 launch. “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,” he stated in his address.
The Index is designed to be a market tracking and assessing tool for better crypto mining while mirroring the crypto market, the officials state. Furthermore, as it sets a true benchmark and helps investors with a 360-degree view of the market, it is expected to serve as a barometer for the industry.
Although cryptocurrency is viewed as one of the emerging finance areas, RBI, the Indian government, and SEBI have hinted to people about the risks involved in crypto investments.
