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After Solana (SOL) surpassed Ripple’s XRP in December 2023 to become the fifth largest cryptocurrency, the balance has shifted. The Hong Kong rating agency HKVAC has revised its cryptocurrency index accordingly. The rating agency announced that it will remove XRP from the Top 5 Global Cryptocurrency Index and add SOL, effective from January 19, 2024. HKVAC will also make various changes to its other cryptocurrency indices.
HKVAC to Make Changes in Its Cryptocurrency Indices
The addition of Solana to HKVAC’s Top 5 Global Cryptocurrency Index reflects the ranking of cryptocurrencies by market value, while also considering various other factors for listing. The rating agency takes into account not only market value but also the liquidity of the asset, which is among the critical factors sought by investors.
In a statement from HKVAC, it was also noted that Internet Computer (ICP), NEAR Protocol (NEAR), Optisim (OP), Injective (INJ), and Immutable (IMX) will be added to the Top Global Cryptocurrencies Index. Currently listed TrueUSD (TUSD), Binance USD (BUSD), Ivy (IVY), Filecoin (FIL), and Maker (MKR) will be removed.
The new altcoins entering the Top Global Cryptocurrencies Index will also be added to another index provided by HKVAC, which excludes Bitcoin, Ethereum, and stablecoins. Maker (MKR), Lido DAO (LDO), Mantle (MNT), Quant (QNT), and Arbitrum (ARB) will be removed from the index.
In addition, Avalanche (AVAX) will replace Tron (TRX) in HKVAC’s Top 10 Cryptocurrency Index. The same adjustment will also be made to the Top 10 Global Cryptocurrencies Equal Weight Index.
Current Status of Solana and XRP
The price of Solana’s SOL has significantly retracted after its last rally. The price of the altcoin fell below $100 after reaching over $120 in December 2023, and at the time of writing, it is trading at $98.21, down 2.44% in the last 24 hours. Moreover, SOL’s trading volume has decreased by 20.36% to $3.69 billion in the last 24 hours.
XRP also experienced volatility in the early hours of the day, along with the general market movement. XRP’s price has fallen by 1.45% in the last 24 hours, trading at $0.5929. The altcoin’s trading volume has also decreased by 25.24% to $1.88 billion in the same period.
