India gets its first crypto index, IC15: Bitcoin, Ethereum, Binance Coin take top positions

India has had stock exchange indexes including the NSE and BSE for a long time, now it has finally gotten its first crypto index, which will monitor the performance of the 15 most traded cryptocurrencies. The cryptocurrency index known as IC15 has been launched by the global cryptocurrency super app Cryptowire in the country.

IC15 will measure the performance of the 15 most traded cryptocurrencies, which are listed on leading exchanges globally. The company claims that the index will help increase the awareness and knowledge of cryptocurrency and the blockchain ecosystem. Apart from this, the company also feels that this index will help investors understand how virtual coin trading works.

The main objective of the IC15 index will be to provide insights to investors into index-linked products including crypto ETFs and funds. Apart from this, the index will also share information on crypto mining and the overall cryptocurrency market. While the index will educate people, it will also provide them with solutions for diversified investments in cryptos.

How will IC15 work?

The IC15 index will be managed and maintained by a governance committee (IGC), which will include domain experts, industry practitioners and academicians. The IGC will be in charge of monitoring and maintaining the index, while also helming the initiative to reshuffle the top 15 cryptos at regular intervals.

For cryptocurrencies to be listed on the index, they will be required to be traded on at least 90 percent of trading days during the review period, while at the same time they should also be in the top 50 in terms of circulating market capitalisation during the preceding month. Another key point to note is that the cryptos should also be amongst the top 100 most liquid in terms of trading value.

Cryptowire claims that the index will be reviewed and rebalanced every quarter, and the base value has been set at 10,000 with the base date as April 1, 2018. The top four positions will be taken up by Bitcoin, Ethereum, Binance Coin and Solana.

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