Blog

In December 2023, Solana (SOL) overtook Ripple’s XRP to emerge because the fifth largest cryptocurrency. Subsequently, HKVAC, a Hong Kong-based digital asset company, has undergone index rebalancing. The company not too long ago introduced that the HKVAC Top 5 Global Large Cryptocurrency Index would add SOL and take away XRP with impact from Friday, January 19, 2024.

Inside HKVAC Index Adjustments

While the addition of Solana to the HKVAC Top 5 Index mirrors the worldwide crypto rankings by market cap, it considers varied different elements for the itemizing. Apart from the market cap, the company considers a digital asset’s liquidity and investability amongst different important elements that traders search 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 additionally famous 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 take away TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR).

The new entrants to the Global Large Crypto Index would even 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 exchange Tron (TRX) within the agency’s Top 10 Global Large Cryptocurrency Index. Moreover, the identical adjustment has been made within the Equal-weighted Index of the Top 10 Global Large Cryptocurrencies.

Also Read: Solana Unveils 2024 Roadmap, SOL Price To Rebound?

Solana and XRP Price Today

After Solana’s current rally, the crypto witnessed a major pullback. The Solana price has fallen under the $100 mark after surging past $120 in December 2023. At press time, the SOL worth stood at $98.21, down by 2.44% on Friday, January 12.

The decline is marked by a bearish development within the crypto market. Furthermore, SOL’s 24-hour commerce quantity plunged by 20.36 to $3.69 billion. Whilst, it at the moment holds a market capitalization of $46 billion.

XRP additionally succumbed to the downturn available in the market after an preliminary surge as we speak. As of writing, the XRP price dipped by 1.45% to $0.5929 on Friday. Moreover, the commerce quantity slumped by 25.24% to $1.88 billion within the final 24 hours. The crypto’s market cap was recorded to be $32 billion.

Also Read: XRP Whale Shifts 48 Mln XRP As Price Nears $0.6

✓ Share:

CoinGape contains an skilled crew of native content material writers and editors working around the clock to cowl information globally and current information as a truth fairly than an opinion. CoinGape writers and reporters contributed to this text.

The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.