India’s crypto ecosystem has matured rapidly, from scattered retail trading to more structured, research‑driven participation. As markets grow, investors need tools that simplify one big question: ‘How is the overall crypto market doing?’ That’s where IC15, India’s first crypto index, comes in. IC15, also called the IC15 index, is designed to track the performance of one of the notable crypto indices emerging out of India that reflects global crypto market performance.
What Is IC15?
IC15 is a market-capitalisation-based, rule-driven crypto index that tracks the performance of 15 of the most liquid and actively traded crypto globally. Think of it as the crypto equivalent, focused on digital assets instead of listed companies.
Key points explained in simple terms:
- IC15 is curated and maintained by CryptoWire, a division of TickerPlant based out of Mumbai.
- It tracks 15 major digital currencies selected from among the most traded and most liquid assets across leading global exchanges.
- It is intended to serve as a barometer for the global crypto market, rather than simply indicating domestic activity in India.
- Typical constituents include blue‑chip assets, including Bitcoin, Ethereum, Binance Coin, Ripple, and a few other high‑volume, high‑cap coins.
The base value for the IC15 index is 10,000, and the base date is 1 April 2018. This IC15 index reflects about 80% of the movement in the market.
Read more: India’s Crypto Market Estimated to Reach $15 Billion by 2035
How Does IC15 Work?
The ic15 index is a rule‑based, market‑cap‑weighted index. That sounds technical, but the underlying logic is pretty straightforward.
- Selection universe
The Index Committee of CryptoWire begins by considering the large crypto universe that usually comprises the top 400 by market capitalization. In this universe, they apply filters for liquidity, trading frequency, and market capitalization.
- Selection Criteria
For a crypto to be eligible for IC15,
- It should have traded on at least 90% of the days of trading during the period of review.
- Its market capitalisation should be within the top 50 during that period.
- It must also be in the top 100 most liquid crypto by traded value.
- The top 15 coins are selected from the eligible set to form the index.
- Weighting method
The IC15 is a pre-weighted, market-cap-driven index. Each coin in the basket gets a weight broadly proportional to its market capitalization, with caps to avoid over-concentration. For example, Bitcoin and Ethereum together historically have represented upwards of 70% of the weight of the index, reflecting their dominance in the broader market.
- Index Calculation & Updates
- The index value arises as the aggregated market cap of 15 coins divided by a divisor, a normalising factor similar to how equity indices are calculated.
- The quotations for IC15 are usually issued in US dollars and refreshed, say, every 15 minutes, enabling investors to see the movement of the instrument in real-time.
- The governance committee, composed of domain experts, industry practitioners, and academicians, reviews and rebalances IC15 quarterly. The result of this is that it represents the top crypto market segment.
In other words, the crypto index IC15 provides you with a real-time, rules-driven view of how the combined “top 15” crypto market is doing at any given moment in time.
Read more: Top 10 Crypto to Invest in 2025
How to Calculate the IC15 Index?
- The IC15 index applies the standard market capitalization-based formula for equity indices.
- In words, the computation works as follows:
- Find the circulating market cap for each of the coins in the IC15 basket (price × circulating supply).
- Add those market caps together for all 15 coins.
- Take that total and divide it by a divisor, a scaling number fixed on the base date and adjusted whenever the basket changes.
- Multiply by the base value, 10,000, to get the result in index points.
Formally, the formula is:
IC15 Index Value = ( Σ (Pi × Qi) / D ) × 10,000
Where:
- Pi = Latest price of cryptocurrency i
- Qi = Circulating supply of cryptocurrency i
- Σ (Pi × Qi) = Total circulating market capitalization of all 15 index constituents
- D = Index Divisor (adjusted for rebalancing or methodology changes)
- 10,000 = Base value (set on 1 April 2018)
The multiplication by 10,000 reflects the base value chosen for IC15 as of 1 April 2018; this lets the index be quoted in a convenient range (e.g., 10,000 → 70,000+) instead of very small decimals.
Benefits of IC15
The IC15 crypto index is designed to be more than just a number on a screen. It provides practical benefits to traders, investors, and product creators.
| Benefit of IC15 | Explanation |
| Market Barometer | IC15 offers a simple, single number that captures how the top 15 liquid digital assets are performing overall. |
| Diversified Exposure | By tracking 15 coins, IC15 spreads risk across multiple assets instead of concentrating on just one or two; it reflects roughly 80%+ of the global crypto market by market cap. |
| Benchmark for Products | Asset managers, ETFs, index funds, and structured products can use the ic15 index price as a benchmark to design and evaluate crypto investment products. |
| Transparency & Rules | IC15 follows clear, published rules for inclusion, weighting, and rebalancing, overseen by a governance committee, which enhances trust and reduces subjective biases. |
| Educational Utility | Because its methodology and constituents are public, IC15 also serves as an educational tool for understanding how major cryptos move relative to each other and to macro events. |
| Lower Research Burden | Instead of tracking 100+ coins individually, investors can track ic15 index as a shorthand for the health and trend of the broader crypto market. |
| Basis for Robo‑Advisory | Robo‑advisors and algorithmic allocators can use IC15 as the core market indicator to build diversified portfolios and SIP‑style products at lower cost. |
Important Factors Surrounding IC15
To use or interpret IC15 effectively, it helps to know a few deeper details about how the index behaves and what it represents.
1. It’s Heavy on Bitcoin and Ethereum
Historical weightings show Bitcoin and Ethereum together accounting for 70–80% of IC15, with BTC alone often above 50% and ETH near 25%. That means:
- When BTC and ETH rally, ic15 index price tends to move strongly higher.
- When those two correct sharply, the entire index feels the impact even if smaller altcoins are stable.
So IC15 is diversified, but still anchored to the performance of the two largest assets.
2. It Tracks Global, Not Just Indian Markets
Even though IC15 was created in India, it is a global crypto index. It tracks coins listed on major international exchanges and reflects global liquidity and market prices. For Indian users, that means:
- You’re seeing how top cryptos are doing globally, not just on local order books.
- IC15 can serve as a bridge between Indian participation and international crypto trends.
3. Quarterly Rebalancing and Governance
IC15 is not static. The governance committee reviews and rebalances the index every quarter:
- New coins can be added if they meet trading‑day and market‑cap thresholds.
- Coins that slip in liquidity or ranking can be removed.
This ensures that the ic15 index remains representative of the most relevant, actively traded coins rather than being locked to a fixed basket that might become outdated.
4. Use in Index‑Linked Products
Because IC15 is rules‑based and public, it can be used to create:
- Index funds and index‑linked ETFs based on the ic15 crypto basket.
- Structured notes and derivatives referencing IC15’s performance.
- SIP‑style plans that mirror IC15 allocations as part of long‑term, diversified strategies.
In the future, more sophisticated products may track the ic15 index price directly for both institutional and retail investors.
5. IC15 Doesn’t Eliminate Crypto Risk
While index‑based investing spreads risk across multiple assets, it does not remove crypto volatility. IC15 itself has seen sharp swings:
- Its base value was 10,000 in 2018, and it climbed over 71,000 by the end of 2021, a 6x move, but with deep drawdowns along the way.
- In 2018 alone, IC15 reportedly dropped by around 50%, highlighting that even diversified crypto baskets can be highly volatile compared to traditional indices, where annual drops of 3–4% are more typical.
So IC15 helps with diversification and benchmarking, but standard crypto risks, price swings, regulatory changes, and market sentiment still apply.
Read more: Rupee Cost Averaging (RCA) in BTC and ETH
Conclusion
IC15 connects the regular investor with the global crypto market in all its complexity. It condenses the performance of 15 top liquid cryptocurrencies into one index, pretty much as Nifty or Sensex does for stocks. This makes tracking the “big picture” rather easier than chasing individual coins.
If one wants to obtain a fast and accurate picture of what is occurring with the top segment of the crypto market, one of the best methods for doing so is by following the price movement of the IC15 index. It will not serve as a replacement for doing your own research, but it goes a long way in helping one frame, compare, and time their crypto decisions better.
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FAQs
1. What is IC15 in simple terms?
IC15 is a crypto index by CryptoWire that tracks the performance of 15 of the most liquid and widely traded cryptocurrencies globally. This would act as a benchmark for the top section of the global crypto market, pretty much similar to how stock indices track equity baskets.
2. Who launched the IC15 and why?
IC15 was launched in 2022 by CryptoWire, a Mumbai-based division of TickerPlant, with the aim of giving traders and investors an insight into the overall performance of the crypto market in a more transparent manner, along with creating an important base for index-linked crypto products in India.
3. Which coins are chosen to form the IC15 index?
A coin must:
- Be within the top 50 by market capitalization at the review date.
- Trade at least 90% of days of the period under consideration.
- Be among the 100 most liquid cryptocurrencies by trading value.
- Out of this pool, the top 15 are selected according to set regulations.
4. How often is IC15 rebalanced or reviewed?
IC15 is reviewed and rebalanced quarterly, typically in March, June, September, and December, by a governance committee of experts, practitioners, and academicians, to ensure it remains representative of the most important and liquid crypto assets.
5. Can I directly invest in the IC15 index?
IC15 itself is a benchmark, not a token tradable in itself. It could, however, serve to create index-linked products like funds or ETFs that track the composition of the ic15 index. Whether such a product exists will depend on the local regulations and offerings by asset managers and exchanges.
