IC15 is India’s first cryptocurrency index, and despite the name, it doesn’t track Indian crypto exchanges or India-specific tokens at all. Launched in January 2022 by CryptoWire, a Mumbai-based data platform under TickerPlant, IC15 tracks the 15 most liquid, widely traded cryptocurrencies on global exchanges, condensing the entire crypto market into a single number the way the Nifty 50 does for Indian equities. It’s rule-based, market-cap weighted, and rebalanced every quarter.
Here’s exactly how it’s built, what determines its value, and why a “15-coin” index is really dominated by just two of them.
TL;DR
IC15 is India’s first cryptocurrency index, launched in January 2022 by CryptoWire, a Mumbai-based unit of TickerPlant.
It tracks the top 15 most liquid, highest market-cap cryptocurrencies globally, market-cap weighted with a cap on smaller constituents.
The index uses a base value of 10,000 set retroactively to a base date of April 1, 2018, and is rebalanced quarterly (March, June, September, December).
IC15 is not directly investable; there’s no single fund or token that tracks it, so it functions as a benchmark rather than a product.
At launch, Bitcoin and Ethereum together made up over 77% of the index’s weight, meaning a “15-coin” index is still, in practice, mostly a bet on two assets.
What Is IC15?
IC15 is India’s first cryptocurrency index, a rule-based, market-cap-weighted benchmark that tracks the 15 most liquid and widely traded cryptocurrencies on major global exchanges.
Created by CryptoWire, a Mumbai-based crypto data platform and business unit of TickerPlant.
Tracks global cryptocurrencies, not India-specific tokens or India-based exchanges.
Reflects roughly 80% of overall crypto market movement, according to CryptoWire’s own methodology.
Definition: Crypto Index A single, calculated value that represents the combined, weighted performance of a defined basket of cryptocurrencies, used to track overall market direction without needing to follow each asset individually. Our guide to crypto index funds covers how this concept translates into actual investable products.
How Does IC15 Work?
IC15 works by screening the global crypto market for eligible coins, assigning each one a weight based on market capitalization, and combining their price movements into a single index value that updates continuously.
What Is IC15? India's First Crypto Index Explained
To qualify for inclusion, a cryptocurrency must rank in the top 50 by circulating market capitalization, sit among the top 100 most liquid cryptocurrencies by trading value, and have traded on at least 90% of days during the review period. Stablecoins like USDT and USDC are explicitly excluded, since the index is designed to track crypto-asset price movement rather than dollar-pegged instruments.
How Is IC15 Calculated?
IC15 is calculated using a market-cap-weighted formula, where each constituent’s influence on the index is proportional to its market capitalization, subject to a cap that prevents any single smaller altcoin from dominating the index.
Definition: Market-Cap Weighting An index methodology where each constituent’s influence on the index value is proportional to its total market capitalization, so larger assets move the index more than smaller ones.
The index uses a base value of 10,000, set against a base date of April 1, 2018, well before the index actually launched in 2022. This is a standard index-construction practice: the base date lets the index be back-calculated to show historical performance, even though the live product didn’t exist yet at that date. A divisor, calculated from the total market cap of all constituents on the base date, keeps the index value consistent as constituents change during rebalancing.
Who Created IC15?
IC15 was created by CryptoWire, a global crypto data and information platform that operates as a specialized business unit of TickerPlant, a Mumbai-based financial market data company.
The index is maintained by CryptoWire’s Index Governance Committee, made up of domain experts, industry practitioners, and academics, who review and rebalance the index’s composition every quarter and are responsible for maintaining its methodology over time.
That list is illustrative rather than current, since IC15’s composition changes with each quarterly rebalance. Terra, for example, was removed from the index following its 2022 collapse, replaced by another qualifying asset in a subsequent rebalancing cycle. Checking CryptoWire’s own live index page is the only reliable way to see the current 15 constituents at any given time, since older articles (including some still circulating online) list outdated compositions.
How Often Is IC15 Rebalanced?
IC15 is reviewed and rebalanced quarterly, with review deadlines falling on the 15th calendar day of March, June, September, and December each year.
During each rebalancing cycle, the Index Governance Committee re-screens the eligible universe of cryptocurrencies, potentially swapping out constituents that no longer meet the market-cap, liquidity, or trading-frequency thresholds, and recalculating weights based on updated market capitalization figures.
IC15 vs Bitcoin: How Do They Compare?
IC15 is marketed as a diversified, 15-coin index, but at launch, Bitcoin and Ethereum together accounted for more than 77% of its total weight, meaning its actual behavior tracks Bitcoin’s price movement far more closely than the “15 assets” framing suggests.
Binance Coin at 5.03 percent, and the other 12 coins combined at 17.61 percent of total index weight, illustrating market capitalization index weighting" class="wp-image-88135"/>What Is IC15? India's First Crypto Index ExplainedWhat Is IC15? India's First Crypto Index Explained
This is a structural feature of market-cap weighting, not a flaw specific to IC15; most market-cap-weighted indices, including traditional stock indices, concentrate heavily in their largest constituents. But it does mean that holding IC15-style exposure doesn’t meaningfully reduce Bitcoin-specific risk the way an equally weighted basket of 15 coins would. An investor specifically trying to diversify away from Bitcoin concentration would need to look beyond a pure market-cap-weighted approach.
Can You Invest Directly in IC15?
No. IC15 is a benchmark index, not a tradable product, so there’s no single fund, ETF, or token that lets you buy exposure to it directly.
Its practical value lies in benchmarking and market tracking rather than direct investment: fund managers and investors can compare their own crypto portfolio’s returns against IC15 to gauge relative performance, and the index can inform how future crypto-linked financial products might eventually be structured. For investors who want similar index-style, diversified exposure that is directly investable, Mudrex’s Coin Sets work on a comparable principle, curated, weighted baskets of cryptocurrencies built around a theme or market-cap tier, such as a top-five blue-chip basket, that are directly investable and automatically rebalanced. Our guide on what Coin Sets are explains how that model works in more detail.
Why Is IC15 Important for Investors?
IC15 matters because it gives Indian investors and fund managers a single, standardized reference point for overall crypto market direction, something that didn’t exist domestically before its 2022 launch.
Beyond simplifying market tracking, IC15 lays methodological groundwork for future crypto-linked financial products in India, such as index-tracking funds or derivatives, should regulation eventually permit them. For everyday investors, its more immediate use is as a sanity check: comparing your own portfolio’s returns against IC15 tells you whether your specific coin picks are outperforming or lagging the broader market, rather than just assuming a green portfolio means you’re beating the market. Our guide to crypto portfolio diversification covers how to think about diversification more deliberately than a market-cap-weighted index alone provides.
Conclusion
IC15 is India’s first cryptocurrency index, built by CryptoWire to condense the global crypto market into a single trackable number, using a quarterly-rebalanced, market-cap-weighted methodology similar in spirit to how traditional equity indices work. It’s a genuinely useful benchmark for gauging overall market direction, but its heavy concentration in Bitcoin and Ethereum means it offers less real diversification than “top 15 cryptocurrencies” might suggest, and it isn’t something you can invest in directly. For actual diversified, investable exposure, purpose-built products like Mudrex’s Coin Sets serve that role more directly than a benchmark index ever could.
IC15 is India’s first cryptocurrency index, a rule-based, market-cap-weighted benchmark tracking the top 15 most liquid cryptocurrencies globally, launched in January 2022 by CryptoWire.
How does IC15 work?
It screens eligible coins by market cap and liquidity, assigns each a market-cap-based weight, and combines their price movements into a single index value updated continuously.
Who created IC15?
IC15 was created by CryptoWire, a Mumbai-based crypto data platform that operates as a business unit of TickerPlant, and is maintained by its Index Governance Committee.
Can you invest directly in IC15?
No. IC15 is a benchmark index, not a tradable product; there’s no fund or token that tracks it directly, though similar diversified exposure is available through products like Mudrex Coin Sets.
IC15 is reviewed and rebalanced quarterly, with review deadlines on the 15th calendar day of March, June, September, and December.
Why is IC15 important for investors?
It gives Indian investors a standardized benchmark for overall crypto market direction and a reference point for comparing individual portfolio performance against the broader market.
DISCLAIMER
This article is for informational and educational purposes only and does not constitute investment advice. IC15 is a benchmark index maintained by CryptoWire/TickerPlant; Mudrex is not affiliated with IC15 or its index provider.
Siri is a writer venturing into the exciting realms of blockchain technology, cryptocurrency, and decentralized finance (DeFi), eager to explore the transformative potential of these innovations. She brings a unique perspective that bridges traditional industries and cutting-edge technology, often infused with a touch of humor through memes. She has a rich background in real estate and interior design, having previously contributed to NoBroker, where she crafted blogs and assets on these topics.
Binance Coin at 5.03 percent, and the other 12 coins combined at 17.61 percent of total index weight, illustrating market capitalization index weighting" class="wp-image-88135"/>
