The Hong Kong Virtual Asset Consortium (HKVAC) announces revisions to the Top 5 Cryptocurrency Index, Top 10 Cryptocurrency Index, and Overall Cryptocurrency Index, which will result in the exclusion of several well-known cryptocurrencies from the index. became.
recently statementHKVAC, a digital asset trading platform and cryptocurrency market index rating provider, has outlined that Ripple's native token XRP (XRP) has been removed from the top five global cryptocurrency index and replaced by Solana (SOL). did.
Last month, Cointelegraph reported that Solana had overtaken XRP in terms of market capitalization for the first time, becoming the fourth largest cryptocurrency.
Meanwhile, Avalanche (AVAX) replaced TRON (TRX) in the top 10 index. This comes after AVAX soared in December 2023 while other cryptocurrencies plummeted.
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Ryan McMillin, chief investment officer at Merkle Tree Capital, previously told Cointelegraph that much of the hype surrounding AVAX stemmed from real-world asset tokenization efforts by traditional banks like JPMorgan and Citi. He said this may be due to the company's partnership with the Avalanche Foundation.
However, TRON has rebounded significantly since plummeting over 98% during the 2018-2020 bear market cycle. In 2023, it recovered and achieved a 100% increase.
Other updates include the addition of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to the Global Large Crypto Index.
This comes as Hong Kong continues its efforts to strengthen the region's crypto industry.
Hong Kong's financial regulator announced in December 2023 that it is preparing to accept spot crypto ETFs as the US Securities and Exchange Commission (SEC) reviews 11 spot Bitcoin ETF applications. These applications were approved by him on January 10th.
However, the Hong Kong Securities and Futures Commission emphasized that any crypto trading conducted by these ETFs must be done through SFC-licensed crypto platforms or licensed financial institutions.
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