New Delhi: CryptoWire, a crypto super app has recently launched the country’s first index of cryptocurrencies to measure the performance of the 15 most widely traded cryptocurrencies listed on known crypto exchanges by market capitalization.
“The index 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,” said CryptoWire managing director Jigish Sonagara at the time of launch.
Cryptowire is a special business unit of crypto statistics provided TickerPlant.
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What’s the cryptocurrency index?
Known as IC15, the index tracks and measures the performance of the top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world. The IC15 index comprises a governance committee (IGC) that includes domain experts, industry practitioners as well as academicians. They will monitor, maintain and administer the index, including rebalancing the top 15 cryptos every quarter.
The base value of the index is set at 10,000 and the base date is April 1, 2018.
What’s the aim of the index?
Investors will become more aware of the cryptocurrency ecosystem. Besides crypto investors, enthusiasts and investment managers will also benefit as the index will provide an overall reflection of global markets.
The tool is aimed to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions. It will not only push the ‘learn before earning’ initiative but also serve the industry with yet another powerful intervention.
What are the constituents of the index?
Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shia Inu will be the constituents of IC15.
How can cryptocurrency be listed?
In order to list cryptocurrency on the index, it needs to trade on at least 90 per cent of the trading days during the review period and also hold the top 50 spots in terms of circulating market capitalisation during the preceding month.