For monitoring 15 cryptocurrencies that are mostly traded worldwide, Cryptowire, a cryptocurrency app launched a cryptocurrency index in India. IC15 is the name of this index. It will be analyzing and monitoring the tops coins performances that are listed on the major exchanges globally. With the index’s launch, there will be an escalation of knowledge and awareness not only around the cryptocurrency ecosystem but also blockchain among the new investors.
IC15 aiming to increase awareness regarding the ecosystem will be assisting investors in understanding the way trading of virtual coins works and knowing the advantages of bitcoin trading bots. This launch came after several indexes worldwide witnessed trading of crypto to take a huge step ahead in India, even after different concerns related to its new regulations. The index’s governance committee includes academicians, industry practitioners, and domain experts who will be maintaining, monitoring, and administering this index after rebalancing it each quarter.
The launch marked the emergence of the first crypto index in India. If crypto trades on 90 % of trading days at least during the period of review, then it will get listed on the IC15 index. During the previous month, the token needs to stay in the top 50 concerning the capitalization of the circulating market. Moreover, the cryptocurrency must be among the most liquid crypto and part of the top 100 list in its trading value to get this index’s listing.
What is IC15?
- India’s first crypto index is named IC15.
- There are some top 15 liquid cryptos that are traded widely and are listed on the major cryptocurrency exchanges worldwide.
- Their performance will be tracked and measured by this index.
- It consists of a governance committee that has experts who will be responsible for observing, nurturing, and managing this index apart from rebalancing the main 15 cryptocurrencies each quarter.
- 10,000 is the index’s base value and 1st April 2018 is its base date.
- It means that this index has earned 615 % in absolute term to 71475.48 up to 31st December last year.
- On this index, Bitcoin holds the highest weight with 51.57.
- 25.79 is the weightage of Ethereum on the IC15 index.
- Other than Binance Coin that weighs 5.03 there is not any other altcoin weighing over 5 on this index.
What are IC15’s constituents?
- IC15’s constituents are Bitcoin, Bitcoin Cash, Ethereum, Cardano, XRP, Binance Coin, Polkadot, Litecoin, Uniswap, Chainlink, Dogecoin, Terra, Solana, Shia Inu, and Avalanche.
How does IC15 work?
- As crypto emerged as a digital asset, the CryptoWire formed an IGC or index governance committee.
- It includes experts such as academicians, domain experts, and industry practitioners who will be selecting cryptos from the leading 400 coins with respect to market capitalization.
- The committee will not only be monitoring or maintaining it but also reshuffling the leading 15 cryptocurrencies.
- The review period’s cut-off date will be every quarter’s 15th calendar day.
- Every participant will be utilizing this technology-powered chance fully to track the market.
What is IC15’s aim?
- IC15 index aims at making investors more aware of the ecosystem of cryptocurrency.
- Other than the cryptocurrency investors, investment managers and enthusiasts will also be benefitting because the index will be providing a total reflection of worldwide markets.
- It is aimed at facilitating the development of the market and mitigating risk to a huge degree.
- This is done by presenting every prospective tool for evaluating possibilities and making decisions.
- It will be making them aware of the cryptocurrency before earning through crypto investment.
- The index will also be serving the crypto industry with another strong intervention.
- The crypto index will aid in creating products linked to the index like cryptocurrency funds and ETFs.
- It will work as fund managers’ performance benchmark.
- IC15 is known to be the underlying cryptocurrency market’s benchmark with the total market sentiments’ diversified representation.
- It will be providing a simple solution to have a diversified portfolio.
- Investors will be helped by this index that is uniquely positioned for efficient trading of derivatives in the marketplace of cryptocurrency trading.
Conclusion
IC15 index captures the market movement’s more than 80 %. Thus it is a fundamental assessing and market tracking tool for taking decisions and enhancing transparency. In the global market, cryptocurrency investors, investment managers and enthusiasts can monitor the cryptocurrencies performance.
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