Cryptocurrency app CryptoWire recently launched India’s first cryptocurrency index called IC15. This index will measure and monitor the performance of 15 top widely traded cryptocurrencies that are listed on crypto exchanges in the world.
According to Mint, CryptoWire claimed that index IC15 is designed to increase the awareness and knowledge of cryptocurrencies among people as well as help in the blockchain ecosystem.
Managing Director and CEO of CryptoWire, Jigish Sonagara informed that the approach for index IC15 is to facilitate market development. He said that their approach is to mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions. Sonagara added that they want all participants to utilise this research-oriented, technology-powered opportunity for tracking the market.
Through index IC15, investors will understand how virtual coin trading works. This development comes at a time when cryptocurrency trade sees a massive rise in India.
What is a cryptocurrency index?
Index IC15 is set to track the performance of the top 15 widely traded liquid cryptocurrencies. Moreover, the index includes a governance committee (IGC) that comprises leading domain experts, academicians and industry practitioners. These experts will monitor, maintain and administer the rebalancing of top 15 cryptos every quarter. The base date is 1 April, 2018 while the base value of the index is set at 10,000.
What’s the aim of the index?
This new tool is aimed to enable market development by offering all possible support to evaluate possibilities for better growth. Through this, investors will become more aware of the cryptocurrency ecosystem.
The top 15 most widely cryptocurrencies that are listed on crypto exchanges includes Bitcoin, Ethereum, Litecoin, Binance Coin, Chainlink, XRP, Bitcoin Cash, Cardano, Solana, Terra, Avalanche, Polkadot, Uniswap, Dogecoin, and Shia Inu in index IC15.