Solana Takes the Top Spot
Hong Kong Virtual Asset Consortium (HKVAC) has made significant changes to its primary cryptocurrency index by removing XRP from the Top 5 Large Cryptocurrency Index and bringing in Solana (SOL) to take its place.
The HKVAC, which provides ratings of digital asset trading platforms and crypto market indexes, announced the removal of Ripple’s XRP from its top 5 global crypto index and the introduction of Solana as its replacement. However, the index rebalancing will not be effective until January 19, 2024.
While the HKVAC’s index typically reflects the world’s crypto ranking by market cap, it considers multiple factors in its rebalancing decisions, including market valuation, investability, and liquidity, to provide a comprehensive evaluation of each digital asset’s standing.
Solana has experienced a remarkable comeback, surpassing major cryptocurrencies like XRP with an impressive surge of 436.5% over the past year, currently being the fifth-largest cryptocurrency with a market cap of $39.92 billion.
In contrast, XRP now ranks as the sixth-largest cryptocurrency, boasting a valuation of $31.23 billion with a 3.9% dip over the past 24 hours and trading at $0.57.
AVAX Replaces TRX on Top 10 Index
In another adjustment, Avalanche (AVAX) is set to replace Tron (TRX) on the HKVAC Top 10 Global Large Cryptocurrency Index, effective from January 19, 2024. This change is due to AVAX’s recent surge, making it the 10th-largest cryptocurrency by market cap.
AVAX has experienced a notable rally while other cryptos faced a downturn, leading to the change in the index. The price of AVAX has increased 2.3% in recent days and is currently hovering around $13.42 billion in market capitalization.
Hot Take
Hong Kong Virtual Asset Consortium (HKVAC) has made significant changes to its primary cryptocurrency index, replacing XRP with Solana and TRX with AVAX to better reflect the current state of the crypto market.
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