In December 2023, Solana (SOL) overtook Ripple’s XRP to emerge as the 5th largest cryptocurrency. Subsequently, HKVAC, a Hong Kong-based digital asset agency, has undergone index rebalancing. The agency recently announced that the HKVAC Top 5 Global Large Cryptocurrency Index would add SOL and remove XRP with effect from Friday, January 19, 2024.
Inside HKVAC Index Adjustments
While the addition of Solana to the HKVAC Top 5 Index mirrors the global crypto rankings by market cap, it considers various other factors for the listing. Apart from the market cap, the agency considers a virtual asset’s liquidity and investability among other critical factors that investors look for. Moreover, Solana would make it to the HKVAC Equal-weighted Index of the Top 5 Global Large Cryptocurrencies by ousting XRP.
Furthermore, the release also noted that the HKVAC Global Large Cryptocurrency Index will introduce Internet Computer (ICP), NEAR Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX). Whilst, the index will remove TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR).
The new entrants to the Global Large Crypto Index would also be added to the HKVAC Large Cryptocurrency Index (Except Bitcoin, Ethereum and Stablecoins). Whilst, Maker (MKR), LidoDAO (LDO), Mantle (MNT), Quant (QNT), and Arbitrum (ARB) made an exit.
In addition, Avalanche (AVAX) is slated to replace Tron (TRX) in the firm’s Top 10 Global Large Cryptocurrency Index. Moreover, the same adjustment has been made in the Equal-weighted Index of the Top 10 Global Large Cryptocurrencies.
Solana and XRP Price Today
After Solana’s recent rally, the crypto witnessed a significant pullback. The Solana price has fallen below the $100 mark after surging beyond $120 in December 2023. At press time, the SOL price stood at $98.21, down by 2.44% on Friday, January 12.
The decline is marked by a bearish trend in the crypto market. Furthermore, SOL’s 24-hour trade volume plunged by 20.36 to $3.69 billion. Whilst, it currently holds a market capitalization of $46 billion.
XRP also succumbed to the downturn in the market after an initial surge today. As of writing, the XRP price dipped by 1.45% to $0.5929 on Friday. Moreover, the trade volume slumped by 25.24% to $1.88 billion in the last 24 hours. The crypto’s market cap was recorded to be $32 billion.
