India’s First Crypto Index Launched To Track Performance of Top Coins

The most worrying question from crypto-asset investors has been: ‘How to track the collective movement of cryptocurrencies?’

For the Indian stock market, we have indices such as NIFTY from NSE (National Stock Exchange) and SENSEX from BSE (Bombay Stock Exchange) that give a broader picture of the price movements in the market.

We can also easily find the price movements of individual coins like Bitcoin and other altcoins on trading platforms like CoinSwitch Kuber. But how do we figure out the performance of the collective crypto market?

Well, thanks to CrytoWire for launching IC15 as India’s first crypto index that tracks the performance of the top 15 cryptocurrencies in India.

What is IC15, and how does it help investors?

IC15 (or Index of Cryptocurrencies) is a rule-based market index that tracks the performance of the top 15 cryptocurrencies based on market capitalization.

The 15 cryptocurrencies include Bitcoin, Ethereum, Binance Coin, Solana, Cardano, Terra, Ripple, and meme coins like Dogecoin and Shiba Inu that collectively capture 80% of the market movement.

According to financial experts, any index that captures over 80% of the market is a fundamental market tracking tool that investors can rely on to make decisions.

The index is set at a base value of 10,000, with the base date being April 1, 2018. As of January 1, 2022, the index value stood at 71,463.30 points meaning the crypto market has broadly gained by over 600% in the past three-plus odd years.

Mumbai-based financial content provider TickerPlant launched the index through its cryptocurrency arm, the CryptoWire. According to Jigish Sonagara, the Managing Director and CEO of CryptoWire, IC15 serves as a powerful intervention in the crypto industry that will push the ‘learn before earn’ initiative.

“With the launch of India’s first index of crypto IC15, we intend to complete the knowledge circle for the entire crypto and blockchain ecosystem,” he added.

Provided the nature of risk and volatility, most investors hold a diversified portfolio when it comes to crypto assets. The index of cryptocurrencies or IC15 acts as a performance benchmark and provides an easy tracker mechanism for people holding a diversified portfolio. Besides, IC15 can be the preferred index by crypto fund managers in the creation of index-linked products like Exchange Traded Funds (ETF).

Crypto investors have the luxury of diversifying their portfolio based on popular use cases like DeFi (Decentralized Finance), Metaverse, NFT tokens, Meme coins, and DAO or governance tokens.