Cryptocurrency app Cryptowire has now launched a crypto index in India to monitor the 15 most traded cryptocurrencies in the world. The cryptocurrency index known as IC15 will analyse and monitor the performance of the top coins listed on leading exchanges in the world. According to a press release from the company, the launch of the index is intended to escalate awareness and knowledge around the crypto and blockchain ecosystem among fresh investors.
Cryptowire is a special business unit (SBU) of crypto statistics provided TickerPlant. The index aimed at increasing awareness about the ecosystem will help investors understand how virtual coin trading works. The launch comes after indexes across the world saw cryptocurrency trade take a massive jump in India, despite concerns around fresh regulations over it. Meanwhile, the company also informed that the governance committee of the IC15 index comprises domain experts, industry practitioners, as well as academicians. According to their release, these experts will maintain, monitor, and administer the index while rebalancing it every quarter.
India’s first cryptocurrency index launched
With the launch, IC15 has become India’s first cryptocurrency index. According to the company, a cryptocurrency can be listed on the index, only if it trades on at least 90 per cent of the trading days during the review period. The token should remain in the top 50 in terms of circulating market capitalisation during the preceding month. Also, the crypto should be amongst the top 100 most liquid cryptocurrencies in trading value to be listed on the IC15 index.
Top coins on the crypto index
As of now, top coins like Bitcoin, Ethereum, Binance Coin and Solana, occupies the four leading positions in the index. Apart from the top four, the index will also see coins like XRP, Bitcoin Cash, Cardano, Litecoin, Chainlink, Polkadot, Uniswap, Terra and Avalanche on it. Meanwhile, meme coins Dogecoin and Shiba Inu will complete the list of the top 15 cryptos on the CryptoWire index. The company will review and rebalance it every quarter.
“Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions. We want all participants to utilise, to the fullest, this research-oriented, technology-powered opportunity for tracking the market,” Jigish Sonagara, Managing Director and CEO of CryptoWire said in a statement.