Cryptocurrency index rolls out in India, tracking crypto performance amid crypto ban talks

As talks of banning crypto in India looms, a cryptocurrency index that compares the performance of significant cryptos has been launched. The digital currency index tracks the performance of the top 15 digital coins, including BTC, ETH and ADA.

The Crypto Index

TickerPlant is a global crypto software firm with a specialized sector of CryptoWire. On Monday, it announced the launch of India's first index of cryptocurrencies, named IC15. IC15 is a rule-based broad market index that tracks and measures the performance of the top 15 most liquid cryptocurrencies by market capitalization. 

The tracking covers the sum of the market capitalizations of all listed cryptocurrencies on major markets worldwide. Cryptocurrencies have grown in popularity and appeal over several years, establishing themselves as an asset class. This index represents about 80% of market activity and is thus a key market tracking and monitoring tool.

The Index Governance Committee at CryptoWire comprises domain experts, industry practitioners, and academicians. It will maintain, monitor, and administer the index while rebalancing it every three months.

The index's start date is April 1, 2018, and the base value is $10,000. Its price is in US dollars. The basket of 15 cryptocurrencies included in the index consists of Bitcoin BTC, Binance Coin BNB, Cardano ADA, Solana, Shiba Inu SHIB, and Dogecoin DOGE, among others.

However, the index does not include stable coins such as Tether USDT and USDC. Bitcoin accounts for the most weight in the index, with a share of 51.57%. Ethereum and Binance Coin have shares of 25.79 percent and 5.03 percent, respectively. The remaining cryptocurrencies have weights less than 5% each in the index.

The Importance of the Crypto Index

The launch of the index is significant since India has one of the world's largest populations of cryptocurrency investors. However, according to media reports, all private cryptocurrencies could be banned in India. A bill proposing a ban on all private cryptocurrencies sits in Cabinet, awaiting approval.

Meanwhile, India's central bank is developing a centralized national digital currency. "We intend to complete the knowledge circle for the whole crypto and blockchain ecosystem with the opening of India's first index of cryptocurrency IC15," said Jigish Sonagara, CEO of CryptoWire.

Additionally, the index's rise may assist Indian crypto investors in making well-informed decisions. Tron is among the cryptocurrencies tracked by the new crypto Index. The price of TRON has dropped by 3.06% in the previous seven days. In the last 24 hours, the price decreased by 0.33%.

As of this writing, the current live TRON price is $0.077148 per unit, with a 24-hour trading volume of USD 1,274,763,861. Tron is presently ranked number 28 on CoinMarketCap, with a current market cap of USD 7,857,680,366. It has a circulating supply of 101,851,519,439 TRX coins which is its maximum coin supply.