Hong Kong Virtual Asset Consortium removes XRP from global crypto index

By :CIARAN LYONS

Solana took over XRP's position in HKVAC's top 5 cryptocurrency global index, and AVAX replaced Tron, amid market fluctuations in the past 30 days.

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The Hong Kong Virtual Asset Consortium (HKVAC) has announced revisions to its top 5 crypto index, top 10 crypto index, and overall crypto index, leading to the exclusion of several well-known cryptos from the indices.

In a recent  statement , the HKVAC, which provides ratings of digital asset trading platforms and crypto market indexes, outlined that Ripple's native token XRP  had been removed from its top 5 global crypto index, being substituted with Solana.

Last month, Cointelegraph reported that Solana had overtaken XRP in market  capitalization for the first time , making it the fourth-largest crypto.

Meanwhile, Avalanche  took a spot in the top 10 index, replacing TRON. This comes after AVAX saw a surge while other cryptos plunged in December 2023.

Ryan Mcmillin, the chief investment officer at Merkle Tree Capital, previously told Cointelegraph that much of the hype around AVAX could be due to traditional banks like JPMorgan and Citi  partnering with the Avalanche Foundation  for real-world asset tokenization initiatives.

However, TRON has had a  significant recovery in performance  since the bear market cycle of 2018-2020, during which it plummeted by over 98%. In 2023, it recovered, achieving a 100% rally.

Hong Kong Virtual Asset Consortium (HKVAC) January Statement. Source: HKVAC

Other updates included the addition of Internet Computer  , Near Protocol,Optimism (OP), Injective (INJ), and Immutable (IMX) to the global large crypto index.

This comes amid Hong Kong continuing its efforts to bolster the crypto industry within the region.

Hong Kong's financial regulator announced in December 2023 that it is getting ready to receive spot crypto ETFs, amid the United States Securities and Exchange Commission's (SEC) reviewing 11 spot Bitcoin ETF applications. These applications were approved on January 10.

However, Hong Kong's Securities and Futures Commission  emphasized that crypto transactions  conducted by these ETFs must occur through SFC-licensed crypto platforms or authorized financial institutions.