IC15 at a Glance
IC15 is India’s benchmark cryptocurrency index developed by CryptoWire, a TickerPlant company. The index tracks the performance of 15 highly liquid and widely traded cryptocurrencies using a rules-based methodology designed to represent the broader digital asset market.
It serves as a market benchmark, performance indicator, and reference point for investors, analysts, and institutions following cryptocurrency markets.
Key Facts About IC15
Parameter | Details |
Index Name | IC15 |
Full Form | India Crypto Index 15 |
Index Type | Cryptocurrency Market Index |
Developed By | CryptoWire |
Parent Company | TickerPlant |
Launch Announcement | January 2022 |
Base Date | 1 April 2018 |
Base Value | 10,000 |
Constituents | 15 Cryptocurrencies |
Methodology | Market Capitalization Weighted |
Coverage | More than 80% of crypto market movements |
Governance | Index Governance Committee (IGC) |
Review Frequency | Periodic Review |
Rebalancing | Quarterly |
What Is IC15?
IC15 is a rule-based cryptocurrency market index that measures the performance of 15 of the world’s most liquid and actively traded cryptocurrencies.
Similar to how the Sensex tracks leading Indian stocks or how the S&P 500 measures major U.S. companies, IC15 provides a single benchmark that reflects the broader cryptocurrency market.
Instead of monitoring dozens or hundreds of individual cryptocurrencies, investors can use IC15 to understand how the overall digital asset market is performing.
The index was designed to solve a growing challenge within crypto markets: the absence of a standardized benchmark that could accurately represent market sentiment and performance.
By combining market capitalization, liquidity, and trading activity into a structured framework, IC15 offers a transparent view of the cryptocurrency ecosystem.
Why Was IC15 Created?
As cryptocurrency adoption accelerated globally, investors faced increasing complexity when evaluating market performance.
Unlike traditional financial markets that rely on benchmarks such as:
- Nifty 50
- BSE Sensex
- S&P 500
- Nasdaq 100
the crypto industry lacked a widely recognized benchmark within India.
CryptoWire introduced IC15 to address this gap.
The objective was to create a standardized index that:
- Represents overall crypto market sentiment
- Tracks major digital assets
- Improves market transparency
- Supports research and analysis
- Enables benchmark-based performance measurement
- Creates a foundation for future index-linked products
The creation of IC15 reflected the maturing nature of the cryptocurrency ecosystem, where investors increasingly required institutional-grade market intelligence rather than relying solely on individual token performance.
Who Developed IC15?
IC15 was developed by CryptoWire, a global cryptocurrency intelligence and information platform.
CryptoWire operates as a Special Business Unit (SBU) of TickerPlant, a Mumbai-based financial market data company known for delivering real-time market intelligence, analytics, and financial information solutions.
The development of IC15 represented one of India’s earliest attempts to establish a formal benchmark for the cryptocurrency market.
According to CryptoWire, the index was designed not only to track cryptocurrency performance but also to enhance awareness, education, and transparency within the digital asset ecosystem.
Understanding CryptoWire and TickerPlant
What Is CryptoWire?
CryptoWire is a digital asset intelligence platform focused on:
- Cryptocurrency market data
- Blockchain research
- Digital asset analytics
- Investor education
- Market infrastructure development
The company aims to provide reliable information and institutional-grade tools for cryptocurrency market participants.
What Is TickerPlant?
TickerPlant is a Mumbai-based market data provider that delivers financial information, analytics, and technology solutions to exchanges, financial institutions, brokers, media companies, and investors.
Its expertise in financial market infrastructure helped create a framework for developing India’s first structured cryptocurrency benchmark.
How Does IC15 Work?
IC15 uses a rules-based methodology designed to ensure that the index accurately represents the cryptocurrency market while maintaining transparency and consistency.
Several factors contribute to the selection and weighting of assets.
Market Capitalization Methodology
The index primarily follows a market-capitalization-weighted structure.
This means cryptocurrencies with larger market values receive greater influence within the index.
For example:
- Bitcoin typically receives the highest weight.
- Ethereum generally ranks second.
- Other large-cap cryptocurrencies receive proportionately lower weights.
This methodology reflects actual market dominance and ensures that larger digital assets have a greater impact on index performance.
Liquidity Screening
Market capitalization alone is not sufficient.
A cryptocurrency must also demonstrate strong liquidity.
Liquidity is important because it indicates:
- Active trading participation
- Reliable price discovery
- Lower market manipulation risk
- Institutional accessibility
Assets with insufficient trading activity may not qualify even if they possess significant market capitalization.
Selection Criteria
To qualify for inclusion, cryptocurrencies generally must satisfy several conditions:
- Consistent Trading Activity
The cryptocurrency should trade during at least 90% of the review period.
- Market Capitalization Threshold
The asset should rank among the leading cryptocurrencies by market capitalization.
- Liquidity Requirements
The cryptocurrency should maintain significant trading volume and liquidity across major exchanges.
These criteria help ensure that only established and actively traded assets become part of the index.
Governance Framework
One of the most important features of IC15 is its governance structure.
The index is overseen by an Index Governance Committee (IGC) comprising:
- Industry practitioners
- Domain experts
- Market specialists
- Academicians
The committee is responsible for:
- Monitoring index integrity
- Reviewing constituent eligibility
- Maintaining methodology standards
- Supervising rebalancing activities
This governance model helps maintain transparency and reduces potential conflicts of interest.
Quarterly Rebalancing Process
Cryptocurrency markets evolve rapidly.
New projects emerge, while others lose relevance.
To reflect these market changes, IC15 undergoes periodic review and rebalancing.
During rebalancing:
- Eligible assets are reviewed
- Market-cap rankings are reassessed
- Liquidity metrics are evaluated
- Weight allocations are updated
This process ensures that the index continues to represent the most significant and actively traded cryptocurrencies.
Which Cryptocurrencies Are Included in IC15?
IC15 is designed to track 15 major cryptocurrencies.
Historically, constituents have included:
Cryptocurrency | Symbol |
Bitcoin | BTC |
Ethereum | ETH |
Binance Coin | BNB |
Solana | SOL |
Cardano | ADA |
XRP | XRP |
Avalanche | AVAX |
Polkadot | DOT |
Dogecoin | DOGE |
Chainlink | LINK |
Uniswap | UNI |
Litecoin | LTC |
Bitcoin Cash | BCH |
Shiba Inu | SHIB |
Note: Constituent composition may change over time due to periodic reviews and rebalancing. Investors should always refer to the latest methodology and index disclosures before relying on current constituent data.
How Is IC15 Calculated?
The calculation methodology follows a market-cap-weighted framework.
Step 1: Select Eligible Assets
Cryptocurrencies meeting market capitalization and liquidity requirements are shortlisted.
Step 2: Assign Weights
Each constituent receives a weight based primarily on its market capitalization.
Step 3: Aggregate Market Values
The weighted values of all constituents are combined.
Step 4: Apply Index Divisor
A divisor is used to normalize the index and maintain continuity during rebalancing and constituent changes.
Step 5: Publish Index Value
The resulting figure becomes the IC15 index value.
This methodology ensures consistency while reflecting real market movements.
Frequently Asked Questions
The following answers are written as direct, self-contained responses suitable for quick reference.
- What is IC15?
IC15 is India’s first cryptocurrency market index: a rule-based, market-cap-weighted benchmark that tracks the 15 most liquid and widely traded digital assets on leading global exchanges. Developed by CryptoWire, a TickerPlant company, it captures roughly 80% of total crypto market movement and serves as a single reference value for the digital-asset class.
- Who created IC15?
IC15 was created by CryptoWire, a Mumbai-based crypto data and intelligence platform that operates as a unit of TickerPlant, an established global market-data company. CryptoWire designs, calculates and maintains the index, while its Index Governance Committee composed of domain experts, practitioners and academics oversees the rules and periodic reviews.
- Is IC15 a cryptocurrency?
No. IC15 is not a cryptocurrency, coin or token. It is a statistical index a single number that measures the combined market value of 15 underlying cryptocurrencies. Investors cannot buy IC15 directly the way they buy Bitcoin; they track it as a benchmark or gain exposure through index-linked products designed to replicate it.
- How many coins are in IC15?
IC15 holds exactly 15 constituents at any time, which is the origin of its name. These are the top 15 eligible cryptocurrencies selected from a wider universe using market-capitalisation, trading-frequency and liquidity filters. The 15-coin basket is reconstituted at each quarterly review, so individual members change while the count of 15 stays fixed.
- How is IC15 calculated?
IC15 is calculated as the aggregate circulating market capitalisation of its 15 constituents, divided by a divisor set on the base date of 1 April 2018 and scaled to a base value of 10,000. Each coin is weighted by market cap, larger assets carry more influence, and the index is computed continuously in real time and published in US dollars.
- How often is IC15 rebalanced?
IC15 is reviewed and rebalanced quarterly. The Index Governance Committee re-examines the constituents every three months against the eligibility rules, using a reference date on the 15th of March, June, September and December. Despite some third-party claims of monthly rebalancing, the provider’s methodology specifies a quarterly cycle, while the index value updates continuously.
- Which cryptocurrencies are included in IC15?
At launch, IC15 comprised Bitcoin, Ethereum, Binance Coin, Solana, XRP, Cardano, Dogecoin, Bitcoin Cash, Litecoin, Chainlink, Polkadot, Uniswap, Avalanche, Shiba Inu and Terra (LUNA). Bitcoin and