India Launches First Global Index of Cryptocurrencies-IC15

India Launches First Global Index of Cryptocurrencies-IC15
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CryptoWire, a unit of crypto statistics provider Ticker Plant, has launched the first global index of cryptocurrencies.

The index is called as IC15 and will contain 15 different sets of crypto currencies.

What is an index?

An index is a group of assets which is used to measure the performance of a basket of securities in a standardized way.

The need for an index in the crypto world

According to Jigish Sonagara, MD and CEO, "CryptoWire, the main idea behind creating an index fund is to create a crypto product that represents the sentiments of the investors. Just like NIFTY-50( which represents top players of the capital market), IC15 will help investors, especially the small and new entrants, to gauge the market before making any investment

Which cryptos are part of the index

There are in total 15 different coins. There is no stable coin in the list and contains few meme coins. Following coins are part of the list: 

Bitcoin, Ethereum, XRP, Bitcoin Cash, Cardano, Litecoin, Binance Coin, Chainlink, Polkadot, Uniswap, Dogecoin, Solana, Terra, Avalanche, and Shiba Inu

According to the creators of the index, 15 currencies is the right number as any higher number would have more fluctuations, given that the crypto world is already volatile.

How will it benefit the existing players?

Acc to a survey, only 8% of India’s population is investing in crypto currencies. The major reason behind is assumed to be the lack of information about investment and fear. The creators of IC15 are expecting it to be used by different sections of the investors as a barometer to better align their portfolios

Which coin can be included in the list

The coin must have been traded on at least 90 per cent of the trading days during the review period to be added in the list. Its market capitalization during the preceding month should also remain in the top 50. The base value is set at 10,000 and the base date is April 1, 2018

How the index will be managed

The IC15 index will have an Index Governance Committee that will consist of crypto experts, accomplished academics, and industry veterans. It will be the main decision-making body