CryptoWire, the global crypto app which is a special business unit of TickerPlant, on Monday said it has launched India’s first index of cryptocurrencies, named IC15.
IC15 is a rule based broad market index by market capitalization, which tracks and measures the performance of top 15 widely traded liquid cryptocurrencies, in terms of market capitalization, listed on lending crypto exchanges of the world.
Over the past years, cryptocurrencies have emerged as an asset class, gaining wider acceptance and allure people. This index captures over 80% of market movement and is, thus, a fundamental market tracking and assessing tool, it said.
CryptoWire’s Index Governance Committee, comprising domain experts, industry practitioners and academicians, will maintain, monitor and administer the index while rebalancing it every quarter.
The base value of the index is set at 10,000 and the base date is April 1, 2018. Among the tokens, Bitcoin has the highest weight of index, with 51.57, whereas Ethereum holds 25.79 weightage on the index.
Barring Binance coin, no other altcoin holds more than 5 weightages on the index. It does not include stablecoins coins such as Tether and USD coin.