In December 2023, Solana (SOL) overtook Ripple's XRP to emerge as the fifth-largest cryptocurrency. Later, HKVAC, a digital asset agency based in Hong Kong, underwent an index rebalancing. The agency recently announced that the HKVAC Index for the Top 5 Large Global Cryptocurrencies will add SOL and remove XRP as of Friday, January 19, 2024.
Inside HKVAC index adjustments
While Solana's addition to the HKVAC Top 5 Index reflects global cryptocurrency rankings by market cap, it takes into account various other factors for inclusion. Aside from market value, the agency considers the liquidity and investability of virtual assets among other crucial factors that investors look for. Furthermore, Solana will reach the HKVAC balanced index of the five largest global cryptocurrencies by divesting from XRP.
Furthermore, the release also noted that the global HKVAC index of large cryptocurrencies will introduce Internet Computer (ICP), NEAR Protocol (NEAR), Optimism (OP), Injective (INJ), and Inmutable (IMX). While the indicator will remove TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR).
New entrants to the Global Large Cryptocurrency Index will also be added to the HKVAC Large Cryptocurrency Index (excluding Bitcoin, Ethereum and Stablecoins). While Maker (MKR), LidoDAO (LDO), Mantle (MNT), Quant (QNT), and Arbitrum (ARB) all exited.
Additionally, Avalanche (AVAX) is set to replace Tron (TRX) in the company's Top 10 Large Global Cryptocurrency Index. Moreover, the same adjustment was made in the balanced index of the top 10 large global cryptocurrencies.
Read also: Solana reveals roadmap for 2024, will SOL prices rebound?
Solana and XRP price today
After Solana's recent surge, the cryptocurrency has seen a major pullback. Solana's price fell below the $100 level after rising above $120 in December 2023. At press time, SOL was at $98.21, down 2.44% on Friday, January 12.
The decline is characterized by a downtrend in the cryptocurrency market. Moreover, SOL's 24-hour trading volume decreased by 20.36 to $3.69 billion. While its market value currently stands at $46 billion.
XRP also succumbed to the market downturn after today's initial rally. At the time of writing, XRP is down 1.45% to $0.5929 on Friday. Moreover, trade volume decreased by 25.24% to $1.88 billion over the past 24 hours. The market capitalization of cryptocurrencies has been recorded at $32 billion.
Read also: XRP Whale changes 48 million XRP as price approaches $0.6
