Solana Surpasses XRP in Hong Kong’s HKVAC Top 5 Cryptocurrency Index

Solana Surpasses XRP in Hong Kong's HKVAC Top 5 Cryptocurrency Index

Hong Kong’s HKVAC Index Update

Hong Kong’s digital asset agency, HKVAC, has made a significant change in its Top 5 Global Large Cryptocurrency Index by replacing XRP with Solana.

Solana Emerges as the 5th Largest Cryptocurrency

In December 2023, Solana (SOL) surpassed Ripple’s XRP, securing the 5th position in the global cryptocurrency ranking. Following this, HKVAC decided to rebalance its index, announcing that Solana would be added and XRP removed from the Top 5 Index effective from Friday, January 19, 2024.

HKVAC Index Adjustments

The adjustment in the HKVAC Top 5 Index aligns with global crypto rankings based on market cap, but it also considers various other factors such as liquidity and investability. Solana will also be included in the HKVAC Equal-weighted Index of the Top 5 Global Large Cryptocurrencies, displacing XRP.

  • Added to the Index:
    • Internet Computer (ICP)
    • NEAR Protocol (NEAR)
    • Optimism (OP)
    • Injective (INJ)
    • Immutable (IMX)
  • Removed from the Index:
    • TrueUSD (TUSD)
    • Binance USD (BUSD)
    • Ivy (IVY)
    • Filecoin (FIL)
    • Maker (MKR)

Changes in the Global Large Crypto Index

The HKVAC Large Cryptocurrency Index (excluding Bitcoin, Ethereum, and Stablecoins) will incorporate new entrants, while Maker (MKR), LidoDAO (LDO), Mantle (MNT), Quant (QNT), and Arbitrum (ARB) will be removed.

Other Index Adjustments

Avalanche (AVAX) is set to replace Tron (TRX) in the HKVAC Top 10 Global Large Cryptocurrency Index, with a similar change in the Equal-weighted Index of the Top 10 Global Large Cryptocurrencies.

Current Prices and Trends

After a recent rally, Solana has experienced a significant pullback, with the price dropping below $100 from a high of over $120 in December 2023. As of the latest update on Friday, January 12, the SOL price stands at $98.21, marking a 2.44% decrease.

The bearish trend in the crypto market is reflected in SOL’s 24-hour trade volume, which has decreased by 20.36% to $3.69 billion. However, it still maintains a market capitalization of $46 billion.

XRP, too, succumbed to the market downturn after an initial surge today. The XRP price dipped by 1.45% to $0.5929 on Friday, accompanied by a 25.24% drop in trade volume to $1.88 billion in the last 24 hours. The crypto’s market cap is recorded at $32 billion.