The Hong Kong Virtual Asset Consortium (HKVAC) has announced revisions to its top 5 crypto index, top 10 crypto index, and overall crypto index, leading to the exclusion of several well-known cryptos from the indices.
In a recent statement, the HKVAC, which provides ratings of digital asset trading platforms and crypto market indexes, outlined that Ripple's native token XRP (XRP) had been removed from its top 5 global crypto index, being substituted with Solana (SOL).
Last month, 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 (TRX). This comes after AVAX saw a surge while other cryptos 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 2018-2020, during which it plummeted by over 98%. In 2023, it recovered, achieving a 100% rally.
Other updates included the addition of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to the 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 ETFs, amid the United States Securities and Exchange Commission's (SEC) reviewing 11 spot Bitcoin ETF applications. These applications were approved on January 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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