Hong Kong Digital Asset Agency Removes XRP From Its Top 5 Crypto Index – The Crypto Basic

The Hong Kong-based digital asset group will rebalance its global crypto index as Solana replaces XRP in the top five large-cap crypto index.

The Hong Kong Virtual Asset Consortium (HKVAC) has changed its core crypto index. HKVAC has removed XRP from its top 5 large cryptocurrency index and replaced the Ripple-related coin with Solana (SOL).

According to the agency, the rebalancing of the index will take effect from January 19, 2024. It is worth noting that the HKVAC Top 5 Index reflects the market capitalization ranking of global cryptocurrencies.

Although the index reflects the world's ranking of cryptocurrencies by market capitalization, the digital asset group also considered other factors in its latest rebalancing. HKVAC's index ranks digital assets based on market valuation, investability, and liquidity.

Solana kicks out XRP

Solana has recently made great strides in the cryptocurrency market, ranking as one of the best-performing cryptocurrencies. Recall that the collapse of his FTX cryptocurrency exchange in 2022 wreaked havoc on the price of his SOL.

At the time, the cryptocurrency plummeted by more than 95% in a few weeks, dropping below $10. Interestingly, SOL made a remarkable comeback a year later, outperforming major cryptocurrencies like XRP. Remarkably, SOL has surged 436.5% over the past year.

As of this writing, SOL ranks as the 5th largest cryptocurrency with a market capitalization of $39.92 billion. Conversely, XRP only surged 51.5% over the same period, ranking as the 6th largest cryptocurrency with a valuation of $31.23 billion. XRP fell 3.9% in the past 24 hours to $0.57.

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HKVAC’s latest changes impact other cryptocurrencies

Meanwhile, HKVAC's latest restructuring also affected other top crypto assets such as Binance USD (BUSD) and Filecoin (FIL).According to recent announcementHKVAC removes FIL, BUSD, Maker (MKR), Ivy (IVY), TrueUSD (TUSD) from the Global Large Cryptocurrency Index and replaces them with Near Protocol (NEAR), Internet Computer (ICP), Immutable (IMX), Replaced with Optimism. (OP), and singular words (INJ).

Similarly, Avalanche (AVAX) will replace Tron (TRX) in the HKVAC Top 10 Global Large-Scale Cryptocurrency Index from January 19, 2024. This move is primarily due to the incredible surge in AVAX over the past few weeks. Following AVAX's recent rise, the coin now stands as the 10th largest cryptocurrency by market capitalization.