The Hong Kong Digital Assets Agency has removed XRP from the top 5 cryptocurrency indices

The Hong Kong-based digital asset group has rebalanced its global cryptocurrency index, with Solana replacing XRP in the top 5 of major cryptocurrency indices.

The Hong Kong Virtual Assets Association (HKVAC) has made changes to its primary cryptocurrency index. HKVAC has removed XRP from its top 5 large cryptocurrencies index, replacing Ripple's coin with Solana (SOL).

According to the agency, the rebalancing of the index will take effect from January 19, 2024. It is worth noting that the HKVAC Top 5 index reflects the ranking of global cryptocurrencies in terms of market capitalization.

Although the index reflects the ranking of the world's cryptocurrencies in terms of market capitalization, the group of digital assets also took into account other factors in the recent rebalancing. The HKVAC Index ranks digital assets based on their market valuation, investability and liquidity.

Solana outperforms XRP

Solana has been making huge strides in the cryptocurrency market recently and is ranked among the best performing cryptocurrencies. Remember, the collapse of cryptocurrency exchange FTX in 2022 wreaked havoc on the price of SOL.

At the time, cryptocurrency assets fell more than 95% in weeks to less than $10. Interestingly, SOL made a remarkable comeback a year later, overtaking major cryptocurrencies like XRP. Notably, SOL has risen by 436.5% over the past year.

At the time of writing, SOL is ranked as the fifth largest cryptocurrency with a market capitalization of $39.92 billion. Conversely, XRP is up just 51.5% in the same time frame and is ranked as the sixth largest cryptocurrency, worth $31.23 billion. XRP fell 3.9% over the past 24 hours to $0.57.

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Recent changes in HKVAC affect other cryptocurrencies

Meanwhile, the recent adjustment by HKVAC also affected other crypto assets, including Binance USD (BUSD) and Filecoin (FIL). According to its latest announcement, HKVAC has removed FIL, BUSD, Maker (MKR), Ivy (IVY) and TrueUSD (TUSD) from its global major cryptocurrency index, replacing them with Nearby Protocol (NEAR), Internet Computer (ICP), Immutable (IMX), and Optimistic (OP). , and injection (INJ).

Likewise, Avalanche (AVAX) will replace Tron (TRX) in the HKVAC Index of Top 10 Large Global Cryptocurrencies as of January 19, 2024. This move is mainly due to the massive rise that AVAX has achieved over the past weeks. Following AVAX's recent surge, the coin now ranks as the 10th largest cryptocurrency by market capitalization.