The first Indian cryptocurrency index has been launched by Cryptowire, a Ticker Plant subsidiary.
The IC15 index will keep track of the top 15 cryptocurrencies traded on worldwide exchanges.
Cryptowire believes the index will aid in the creation of crypto ETFs and funds, as well as contribute to research.
They also believe it will raise awareness of the bitcoin and blockchain ecosystem, as well as give solutions for people looking to diversify their cryptocurrency investments.
“We want all participants to fully embrace this research-oriented, technology-powered opportunity for watching the market,” said Jigish Sonagara, the Managing Director and Chief Executive Officer of Cryptowire.
How will the index be calculated?
The index value will be calculated by multiplying the whole of the Index Basket’s circulating market capitalization by the Index Divisor, then multiplying that by the base value of 10,000.
The starting point is April 1, 2018. As of December 31, 2021, the index was at 71,475.48.
Every quarter, the index will be monitored, analyzed, and rebalanced by a group comprising domain experts, industry practitioners, and scholars.
During the rebalancing period, the Index Divisor is multiplied by a normalization factor.
During the review period, a cryptocurrency must trade for at least 90% of the trading days. It should also stay in the top 50 by circulating market capitalization from the previous month.
The top cryptocurrencies on the index
The top four cryptocurrencies on the index are Cardano, XRP, Terra, Avalanche, Polkadot, Dogecoin, SHIBA INU, Uniswap, Litecoin, Chainlink, and Bitcoin Cash, followed by Cardano, XRP, Terra, Avalanche, Polkadot, SHIBA INU, Uniswap, Chainlink, Bitcoin Cash, Dogecoin and Litecoin.
Stablecoins like USD and Tether are not included in the index. The index’s starting point is 10,000.
The debut of this crypto index coincides with the Indian Parliament’s study of cryptocurrency regulations.
Image courtesy of Cointelegraph News/YouTube
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