The Crypto Rupee Index has been launched by CoinSwitch (CRE8). According to the crypto exchange, it is India’s first benchmark index for measuring the performance of the Indian Rupee-based crypto sector. CRE8 monitors the performance of eight crypto assets that account for more than 85% of the entire market capitalization of crypto assets traded in Indian Rupee.
- Based on actual deals, the index provides a trustworthy, real-time perspective of the Indian Rupee-denominated Crypto market, allowing Indian users to make informed investment decisions.
- The index provides real-time insight into the crypto market based on actual CoinSwitch transactions, and it is updated over 1,400 times a day to ensure that it reflects real-time market movement.
- CRE8 is distinct from other crypto indices in that it was created with Indian crypto investors in mind. The majority of crypto indices are currently US-based. As a result, they do not represent onshore pricing in India.
- India’s crypto market, according to Coinswitch, is influenced by a variety of factors, including domestic demand and supply, global prices, and INR exchange rates. This is when CRE8 enters the picture to fill the void.
In its index composition, CRE8 contains the top eight crypto-assets by market cap, such as Bitcoin, Ethereum, Ripple, Binance coin, and Cardano. Stablecoins and derivatives of other indexes are not included.
The coins included in the index are chosen based on the following criteria:
- Listing and Trading: The crypto asset must have traded on CoinSwitch for at least six months.
- They must be available for trading on the CoinSwitch platform in INR.
- Liquidity: For each day in the last three months, the crypto asset should have a minimum daily trading value of Rs 5 lakh.