Hong Kong’s digital asset agency HKVAC made changes to the indices. In this regard, it replaced XRP with Solana in the Top 5 Global Major Cryptocurrency Index. Additionally, AVAX was added to the top 10 indices, while TRX was removed. It also made significant changes to the global index.
HKVAC made changes to the indices
cryptokoin.comAs you follow from , in December 2023, Solana (SOL) surpassed Ripple’s XRP. Thus, it emerged as the 5th largest cryptocurrency. Later, HKVAC, a Hong Kong-based digital asset agency, announced that it had made some changes to the indices. The agency recently announced that the HKVAC Top 5 Global Major Cryptocurrency Index will add SOL and remove XRP, effective Friday, January 19, 2024. Additionally, AVAX entered the top 10 indices while TRX exited. In this context, crypto journalist WuBloacchain announced the development as follows:
Hong Kong virtual asset rating agency HKVAC announced the index adjustment results, which will take effect on January 19. While ICP, NEAR, OP, INJ and IMX were added to the global index, TUSD, BUSD, HBAR, FIL and MKR were removed. SOL was added to the top 5 indices and XRP was removed. AVAX was added to the top 10 indices and TRX was released.
What happened with the HKVAC index adjustments?
Solana’s addition to the HKVAC Top 5 Index reflects global crypto rankings by market cap. Besides this, HKVAC also considers various other factors for listing. Besides market capitalization, the agency also evaluates a virtual asset’s liquidity and investability, among other critical factors investors look for. Solana will topple XRP and enter the HKVAC Equal-Weighted Top 5 Global Major Cryptocurrency Index. The statement also noted that the HKVAC Global Major Cryptocurrency Index will introduce Internet Computer (ICP), NEAR Protocol (NEAR), Optimism (OP), Injektive (INJ) and ImmutableX (IMX). However, TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL) and Maker (MKR) will leave the index.
It will also add new entrants to the Global Major Cryptocurrency Index to the HKVAC Major Cryptocurrency Index. Here it excludes Bitcoin, Ethereum and stablecoins. Maker (MKR), LidoDAO (LDO), Mantle (MNT), Quant (QNT) and Arbitrum (ARB) debuted. In addition, Avalanche (AVAX) will replace Tron (TRX) in the firm’s Top 10 Global Major Cryptocurrency Index. It also made the same adjustment to the Equal-Weight Index of the Top 10 Global Major Cryptocurrencies.
SOL, AVAX and XRP price performance
After Solana’s recent rally, the crypto witnessed a significant pullback. Solana price crashed below $100 after rising above $120 in December 2023. At the time of writing, SOL price is down 2.44% to $98.21. The decline is also in line with the downward trend in the crypto market. Additionally, SOL’s 24-hour trading volume decreased by 20.36% to $3.69 billion. Currently, Solana has a market capitalization of $46 billion.
AVAX also performs similar to SOL. The token lost 1.54% in value in the last 24 hours. At the time of writing, AVAX was changing hands at $38.7. XRP also succumbed to the decline in the market after the first fluctuation today. At the time of writing, XRP price fell 1.45% to $0.5929 on Friday. Additionally, trading volume dropped by 25.24% to $1.88 billion in the last 24 hours. The market value of crypto was recorded as 32 billion dollars.
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