CoinSwitch has launched the Crypto Rupee Index (CRE8). The crypto exchange claims that it is India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market.
CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalization of cryptos traded in the Indian Rupee. “The index provides a trustworthy, real-time view of the Indian Rupee-denominated Crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, co-founder and CEO of CoinSwitch.
The index gives a real-time insight into the crypto market based on actual transactions on CoinSwitch and is refreshed over 1,400 times a day to ensure the reflection of real-time market movement.
What makes CRE8 different from other crypto indexes is that it is designed specifically for Indian crypto investors. At present, most crypto indices are US indexes. Therefore, do not reflect India’s onshore prices. According to Coinswitch, India’s crypto market is driven by so many factors—Indian demand/supply, global prices and INR exchange rates. This is where CRE8 comes in to fill the gap.
Best of Express Premium
Premium
Premium
Premium
PremiumCRE8 includes the top eight crypto-assets such as Bitcoin, Ethereum, Ripple, Binance coin, and Cardano by market cap in its index composition. It doesn’t include stablecoins and derivatives of other index components.
The coins in the index are decided based on the fulfilment of the following criteria:
#Listed and Trading: The crypto asset must have traded for at least six months on CoinSwitch’s platform.
#Currency: They must be available for trading in INR on the CoinSwitch platform.
#Liquidity: The crypto asset should have a minimum daily trading value of Rs 5 lakh for each day during the last 3 months.
“Passive investing is on the rise, due to benefits like- lower cost of investment and greater returns over the long term compared to active investing. Also, referring to it can help you analyze the state of the crypto market and plan. With it, you won’t need to refer to the total market cap of the crypto market to analyze the market sentiment,” the company said in a blog post.
