There is some good news for the crypto traders in India, after losing heart amid the fears of cryptocurrency being banned in India by the government authorities and after a steep fall in the crypto market in Dec’21, owing to many number of reasons such as spread of Omicron, the climatic change because of its mammoth energy consumption etc. as sighted by the industry experts.
Now after facing some negative sentiments in the Crypto market there is a good news for Crypto traders especially in India as India’s first ever global index of cryptocurrency was launched recently by Cryptowire.
Cryptowire is a special business unit of TickerPlant that is a subsidiary of 63 moon technologies and is based in Mumbai, India. Cryptowire is a global crypto super app that provides real time market prices, news, knowledge, research &insights to its customers.
Lets just dive in further in our topic-India’s first ever Cryptocurrency Index-IC15-It’s working explained in easy and understand all the facts about it.
What is IC15?
IC15 is India’s first global index of cryptocurrencies that tracks the performance of the 15 most widely traded popular liquid cryptocurrencies of the world. The top 3 cryptocurrencies of this index constitutes of Bitcoin (51.57%), Ethereum (25.79%) and Binance (5.03%).
The remaining cryptocurrencies in this index include:
6. Shiba Inu
12. Bitcoin Cash
This index will help the crypto traders to monitor and track the performance of these cryptocurrencies worldwide with great ease, although as per the industry experts it is just the beginning in this related space in India and the industry will take some time to mature.
Benefits of IC15- The first crypto index of India
IC15 will enable the prospective cryptocurrency buyers to buy the same in a more organized manner as they can now base their purchase decisions on this index and this will also help the industry in gaining more maturity.
The crypto index will replicate a clearer picture of the crypto trading across the world and thus will enable the prospective customers to make more informed and logical decisions based on the real time data backed by scientific statistical measures.
IC15 Index working explained
The IC15 index comprises of a governance committee that will include the experts of the related domain, industry practitioners and academicians. The maintenance and the monitoring activities of this index will be take care of by these experts.
A reshuffling and a rebalancing of the entailing cryptocurrencies will take place quarterly every year by these group experts, also the base value and the base date for this index is kept at 10000 and 1st Apr’18.
How a new crypto will be listed on this index?
A new cryptocurrency desirous to be listed on this index will have to be available for trade atleast for 90 percent of the days that are under review.
The prospective crypto must be in the top 50 market capitalization list in its preceding month.
The prospective crypto should be amongst the top 100 liquid cryptocurrencies in trading value terms.
S&P Cryptocurrency Index
The S&P cryptocurrency index are the indices that serve as the benchmark for the performance of the selected of cryptocurrencies that are listed on a recognized and open exchange that meet the liquidity and market capitalization norms.
S&P cryptocurrency index is composed of more than 243 crypto coins that offers more clear insights to its followers to make a better investment decisions backed by logical reasons worldwide with more transparent mechanisms.
S&P Cryptocurrency Index is a constituent of all the below indices:
S&P Bitcoin Index
S&P Cryptocurrency BDM Ex-LargeCap Index
S&P Cryptocurrency BDM Ex-MegaCap Index
S&P Cryptocurrency Broad Digital Market Index
S&P Cryptocurrency LargeCap Ex-MegaCap Index
S&P Cryptocurrency LargeCap Index
S&P Cryptocurrency MegaCap Index
S&P Ethereum Index
Also Read: Why to invest in bitcoins in 2022?
Also Read: How to open WaxirX account in India?
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Disclaimer: We do not promote investments in any sort of cryptocurrency nor do we promote any entity, please note investments in Cryptocurrency involves huge risk, therefore please analyse and make personalized decisions before making any investments in them. All the information in this blog is provided with the motive of sharing financial information only.