Hong Kong Digital Asset Consortium (HKVAC) has applied vital adjustments to its major cryptocurrency index, opting to exclude XRP from the High 5 Giant Cryptocurrency Index and introducing Solana (SOL) as its alternative.
Solana Takes the Highlight
The HKVAC, identified for offering scores of digital asset buying and selling platforms and crypto market indexes, announced the removing of Ripple’s XRP from its high 5 world crypto index. Solana, the high-performance blockchain platform, will take its place. Nevertheless, the index rebalancing is ready to be efficient from January 19, 2024.
Whereas the HKVAC’s index typically displays the world’s crypto rating by market cap, the company considers a number of components in its rebalancing selections. The important thing standards embrace market valuation, investability, and liquidity. These issues intention to offer a complete analysis of every digital asset’s standing in the market.
Final month, Coinpedia reported that Solana had surpassed XRP in market capitalization, securing its place as the fourth-largest crypto. Throughout that interval, XRP confronted a notable decline of over 95% in a couple of weeks, dropping beneath $10.
Solana, on the different hand, skilled a exceptional comeback over the course of a yr, surpassing main cryptocurrencies like XRP. Over the previous yr, SOL has seen a formidable surge of 436.5%. As of the newest information, SOL at the moment stands as the fifth-largest cryptocurrency with a market cap of $39.92 billion.
In distinction, XRP, with a 51.5% surge in the similar timeframe, is now ranked as the sixth-largest cryptocurrency, boasting a valuation of $31.23 billion. XRP skilled a 3.9% dip over the previous 24 hours, buying and selling at $0.57.
AVAX Replaces TRX on High 10 Index
In one other adjustment, Avalanche (AVAX) is ready to switch Tron (TRX) on the HKVAC High 10 International Giant Cryptocurrency Index, efficient from January 19, 2024. This transfer is attributed to AVAX’s latest surge, propelling it to change into the Tenth-largest cryptocurrency by market cap.
AVAX’s notable rally throughout a interval when different cryptos confronted a downturn contributed to this variation in the index. In the meantime, AVAX’s worth has increased 2.3% in latest days and is at the moment hovering round $13.42 billion in market capitalization.
