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

The total market capitalization of all listed cryptocurrencies on key marketplaces across the world is included in the monitoring. Over the past several years, cryptocurrencies have risen in popularity and appeal, becoming an asset class in their own right. In terms of market activity, this index accounts for around 80% of the total volume.

Those on CryptoWire’s Index Governance Committee include subject matter experts, industry practitioners, and scholars. In addition to rebalancing the index every three months, it will be maintained, monitored, and administered by the service.

There is a $10,000 base value for the index, which began on April 1, 2018. It’s priced in U.S. dollars, not yen. For example, the index includes 15 different cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE).

Tether USDT and USDC are not included in the index, though. As of this writing, Bitcoin has 51.57% of the index’s weight. Binance Coin (BNB) and Ethereum (ETH) own a combined 25.79 percent and 5.03 percent of the cryptocurrency market, respectively. There is no more than five percent of the remaining cryptocurrencies in the index.

Indexing Cryptocurrencies

India has one of the world’s largest populations of cryptocurrency investors, therefore the debut of the index is noteworthy. Even still, according to media sources, India might prohibit all private cryptocurrencies. The Cabinet is currently considering a law that would prohibit the use of private cryptocurrencies altogether.

Meanwhile, India’s central bank is working on a national digital currency that would be controlled by the government. CryptoWire CEO Jigish Sonagara said, “With the introduction of India’s first index of cryptocurrency IC15, we hope to complete a knowledge loop for the whole crypto and blockchain ecosystem.

It may also help Indian crypto investors make better selections because of the index’s increase. There is a new crypto Index that includes Tron. TRON’s value has declined by 3.06 percent during the last week. The price has dropped by 0.33 percent in the last day.

With a 24-hour trading volume of USD 1,274,763,861, the current live TRON price is $0.077148 per unit. In terms of market capitalization, Tron is now ranked number 28 on CoinMarketCap, worth $7,857,680,366 at press time. Only 101,851,519,439 TRX coins are in circulation, which is the maximum coin supply.

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