Following Solana’s (SOL) rise to the fifth-largest cryptocurrency by market cap in December 2023, surpassing Ripple’s XRP, the Hong Kong Virtual Asset Classification (HKVAC) announced changes to its crypto index. Effective January 19, 2024, XRP will be removed from the Top 5 Global Crypto Index, replaced by SOL. HKVAC also plans to update other crypto indices.
The inclusion of Solana in HKVAC’s Top 5 Global Crypto Index reflects its market value ranking and considers other factors like asset liquidity, which is critical for investors. This reclassification indicates HKVAC’s commitment to providing a dynamic and current representation of the crypto market.
Additionally, HKVAC will add Internet Computer (ICP), NEAR Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to its Global Crypto Index, while removing TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR).
New altcoins entering the Global Crypto Index will also be included in another HKVAC index that excludes Bitcoin, Ethereum, and stablecoins. However, Maker (MKR), Lido DAO (LDO), Mantle (MNT), Quant (QNT), and Arbitrum (ARB) will be removed from this index.
Moreover, Avalanche (AVAX) will replace Tron (TRX) in HKVAC’s Top 10 Crypto Index, with similar adjustments to be made to the Equal Weighted Index of the Top 10 Global Cryptos. These changes reflect the evolving landscape of the cryptocurrency market and the performance of individual assets.