What Is Newly Launched IC15 By CryptoWire? What's There For Investors?

Cryptocurrencies have begun a corrective phase after a major run-up in 2021. The Reserve Bank of India's cautions against the usage of cryptos, as well as the forthcoming cryptocurrency regulatory law, have put cryptos under pressure. In India, the cryptocurrency sector is fast expanding.

As India's crypto business grows, various companies are expressing interest in investing and providing services to Indian crypto investors. CryptoWire, a global crypto app, released India's first cryptocurrency index for Indian investors. IC15 crypto index in the country would track the performance of the world's top 15 cryptocurrencies. According to BrokerChooser, a broker discovery and comparison website, India has over 100 million crypto owners.

Why IC15?

The cryptocurrency market is more volatile than stock markets, posing a danger to investors, particularly individual investors who invest without sufficient expertise. While several major platforms, such as WazirX, CoinDCX, and CoinSwitch Kuber, have previously enabled crypto trading, the country lacked a specialized crypto index.

IC15- An Overview

IC15 is a market capitalization-based rule-based broad market index that measures the performance of the world's most commonly traded liquid cryptocurrencies. The index will assist crypto fans and players in tracking the performance of cryptocurrencies on worldwide exchanges. It's worth noting that the IC15 index has a governance committee made up of industry practitioners, domain experts, and academics. They'll be in charge of maintaining and monitoring the index, as well as reshuffling the top 15 cryptocurrencies. The index, according to the company, was created to provide insight into crypto mining and assist investors in making educated risk-mitigation decisions.

What's for the Investor?

According to CrytopWIre, a cryptocurrency index will aid in the creation of index-related products such as crypto ETFs and funds. It will serve as a benchmark for fund managers' performance. IC15 is a broad depiction of overall market emotions that serves as a benchmark for the underlying crypto market. It will also make it simple to maintain a diverse portfolio. This index's unique placement will aid investors in effective derivatives trading in the bitcoin trading industry.

The IC15 index's base value has been set at 10,000, with the base date of April 1, 2018. The top 15 cryptocurrencies listed on major exchanges across the world will be monitored by the index. These Cryptocurrency are Bitcoin, Bitcoin Cash, Ethereum, Cardano, Litecoin, XRP, Binance Coin, Chainlink, Uniswap, Dogecoin, Polkadot, Solana, Avalanche, Terra, and Shiba Inu.