- Solana (SOL) has surpassed XRP in market capitalization, leading to its inclusion in the HKVAC Top 5 Global Large Cryptocurrency Index.
- Hong Kong’s digital asset agency, HKVAC, considers various factors, including market cap, liquidity, and investability when adjusting its cryptocurrency indices.
Solana’s Ascension in Crypto Rankings
Solana, the blockchain platform known for its lightning-fast transactions and scalability, has achieved a remarkable feat by surging to become the 5th largest cryptocurrency in the world in December 2023. This achievement marked a significant milestone in Solana’s journey, reflecting its growing influence in the crypto space.
HKVAC’s Crypto Index Rebalancing
In response to Solana’s newfound position in the crypto rankings, the Hong Kong Virtual Asset Center (HKVAC) has decided to rebalance its cryptocurrency indices. The HKVAC Top 5 Global Large Cryptocurrency Index, which serves as a barometer for the performance of major digital assets, will undergo a transformation. Effective from Friday, January 19, 2024, Solana will replace XRP in this prestigious index.
– Advertisement –
Factors Considered in HKVAC’s Index Adjustments
HKVAC’s decision to include Solana in its Top 5 Global Large Cryptocurrency Index is not solely based on market capitalization. While market cap plays a crucial role, the agency takes a holistic approach by considering other vital factors. Liquidity, which ensures ease of trading, and investability, indicating an asset’s attractiveness to investors, are among the critical criteria assessed.
Reshaping of the Crypto Landscape
In addition to the inclusion of Solana, the HKVAC Global Large Cryptocurrency Index will witness several other adjustments. Notable entrants include Internet Computer (ICP), NEAR Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX). Simultaneously, TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR) will be removed from the index.
These changes reflect the evolving dynamics of the cryptocurrency market, where innovative projects are gaining prominence while others may lose their positions. It highlights the importance of adaptability in the ever-changing crypto landscape.
– Advertisement –
Solana and XRP in the Current Market
Solana’s recent price movement has been notable, with a surge beyond $120 in December 2023. However, the crypto market is subject to fluctuations, and SOL recently experienced a pullback, with its price dipping below $100. At the time of writing, SOL is valued at $98.21, with a 24-hour trade volume of $3.69 billion and a market capitalization of $46 billion.
XRP, on the other hand, also faced market headwinds but displayed resilience. While its price declined slightly to $0.5929, it maintained a market capitalization of $32 billion. These price movements underline the dynamic nature of the cryptocurrency market, where assets continuously respond to various factors and market sentiment.
– Advertisement –
