IC15 recently became the first cryptocurrency index in India. It was established by a crypto app called CryptoWire, and the index will work by monitoring and measuring the performance of the top 15 widely traded cryptocurrencies listed around the world on crypto exchanges.
The information about this was published by Mint, a news agency, which noted that CryptoWire has announced that the IC15 index was created aiming to further increase the awareness and knowledge of crypto-assets among people in the blockchain ecosystem and help them for further development.
According to Jigish Sonagara, who is the managing director and the CEO of CryptoWire, the main aim of the establishment of the IC15 is to further support the development of the market. According to their representatives, their main aim is to understand the possibilities of the future crypto market and make accurate decisions about the future steps.
The CEO of CryptoWire also noted that they are working very hard to track the market and they do so by partnering up with the different types of researchers and finding the best possibilities for the market.
Thanks to the establishment of the new IC15 crypto index, traders in the country will be able to understand exactly how the digital asset trading market actually works. According to CryptoWire, the establishment of the IC15 crypto index comes right when the demand for cryptocurrencies has increased dramatically in the country.
IC15 – How Does It Work?
The newly established IC15 Index is said to be tracking the performance of the 15 most traded cryptocurrencies in the market with the highest liquidity. It was announced by the representatives of IC15 that the index includes the governance committee, IGC, which is made up of leading domain experts, academicians, and practitioners of the crypto industry.
According to official statements, the experts will work by monitoring, maintaining, and administering the rebalancing processes of the leading 15 cryptocurrencies in the market. This monitoring will be done every quarter throughout the year. As it was announced, the base value of the index was set at 10,000. As for the base date, it is set to April 1, 2018.
According to the representatives of CryptoWire, there are several aims that the establishment of this cryptocurrency index has. Among them is to enable further development of the market in the country and support it through offering traders different types of possibilities for better growth.
The IC15 index should allow investors in the crypto market to become more aware of the whole ecosystem and make better and more well-informed decisions. Among the top 15 most traded cryptocurrencies that are listed in the index are Bitcoin, Ethereum, Binance Coin, Dogecoin, Solana, and others.
Crypto Trading Market in India
The last few years have brought a massive development and adoption of the cryptocurrency market in India. Today, there are more people than ever before trading cryptocurrencies in India and the interest has grown not only in the big cities of the country but also in the rural areas.
People all around the country are showing increasing interest in the cryptocurrency market and many of them already own digital currencies. There are many things supporting the fast development of the cryptocurrency market, including the increased number of crypto exchanges available in India.
These exchanges offer traders a diverse array of services, which ensure that anyone can find something that fits their individual trading needs. Majority of the exchanges in the market offer traders manual as well as crypto trading automation services, which makes it easier for everyone to get started in the market.
However, while the demand for high-quality services increases in India, the government of the country still has to decide which direction to take for regulating the market. The crypto trading bill of India has been in development for a long time now.
Recently, the parliament was set to hold the hearing of the bill during the Winter Sessions, however, those working on the bill had announced that there were still some changes that needed to be done in the Crypto Bill. Because of this, the hearing was postponed and should take place in February.
While it is still unclear how the Indian government will decide to regulate the cryptocurrency market, many believe India will decide to adopt crypto-friendly regulations to further support the development of the market in the country.
Also read | IC15: India gets its first Crypto index
