The Hong Kong Virtual Asset Consortium (HKVAC) has announced revisions to its top five, top 10 and overall crypto indexes, excluding several well-known cryptocurrencies.
In a recent statement, the HKVAC — which provides ratings of digital asset trading platforms and crypto market indexes — outlined that Ripple’s XRP (XRP) had been removed from its top five global crypto index and replaced by Solana (SOL).
In December 2023, Cointelegraph reported that Solana had overtaken XRP in market capitalization for the first time, making it the fourth-largest crypto.
Meanwhile, Avalanche (AVAX) took a spot in the top 10 index, replacing Tron’s (TRX) token. This comes after AVAX saw a surge while other cryptocurrencies plunged in December 2023.
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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 to 2020, during which it plummeted by over 98%. In 2023, it recovered, achieving a 100% rally.
Other updates included the addition of Internet Computer’s (ICP) token, Near Protocol’s (NEAR), Optimism (OP), Injective (INJ) and Immutable (IMX) to its 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 exchange-traded funds amid the United States Securities and Exchange Commission’s reviewing 11 spot Bitcoin ETF applications. These applications were approved on Jan. 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.
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