Recently, CryptoWire, the global crypto app which is a special business unit of TickerPlant has launched India’s first index of cryptocurrencies, named IC15. India has over 100 million crypto owners, as per the record of BrokerChooser, broker discovery and comparison platform.
What is IC15?
IC15, India’s first global index of cryptocurrencies is a rule-based broad market index by market capitalisation, that tracks the performance of widely traded liquid cryptocurrencies in the world. The index will help crypto enthusiasts and participants to monitor the performance of cryptocurrencies in the global markets.
IC15 will measure the performance of the 15 most widely traded cryptocurrencies listed on leading crypto exchanges by market capitalization, which include Bitcoin, Ethereum, Binance coin, Solana, Cardano, Ripple, Terra, Dogecoin and Shiba Inu, Avalanche, Polkadot, Uniswap, Litecoin, Chainlink, Bitcoin Cash.
Some crypto experts are doubtful of the accuracy of IC15; as there are several other Cryptocurrency Index present globally.
"S&P Cryptocurrency Index, with more than 243 coins, S&P offers a better insight into the digital asset ecosystem and is trusted by everyone in the crypto ecosystem.IC15, with 15 coins, isn't inclusive enough. I would recommend S&P Crypto Index over IC15. Likes of Coindesk and Cryptocompare too have crypto indices which score better than IC15, " says Sharat Chandra, a blockchain and emerging technology expert and advisor to blockchain startups.
How Can IC15 Help Crypto Enthusiastics?
"The foremost advantage of the IC15 is that it can provide easy solutions for diversified portfolios that can help in mitigating risks to a major extent," Edul Patel, CEO and Co-founder of Mudrex, a global Algorithm-based Crypto Investment Platform.
The IC15 Index comes up as a great Industry barometer which is a transparent and efficient benchmark. "What really helps participants is that the index is simple and easy to replicate. It facilitates in lowering the cost for investment vehicles and keeping the everchanging and fast-moving nature of the digital universe that we today are living in, the IC15 Index is designed for Robo-investors," says CryptoWire.
Moreover, Ajeet Khurana, a crypto project advisor and investor stated that one or more robust crypto index will definitely help further mature the industry. However, a robust index isn't merely a weighted average of a select few top components. "There is a lot of rigour that goes into the econometrics of index construction. While every attempt, however small, in making a crypto index, is welcome, we are very far from seeing something that is qualitatively on par with an index in other financial markets," he said.
“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. This will not only push the ‘learn before earn’ initiative but also serve the industry with yet another powerful intervention. ,” said Jigish Sonagara, MD & CEO, CryptoWire.
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