In the last 30 days, there have been market swings that have caused Solana to overtake XRP in HKVAC’s top 5 cryptocurrency worldwide index, and AVAX to replace Tron.
A number of well-known cryptocurrencies have been removed from the top 5 crypto index, top 10 crypto index, and overall crypto index by the Hong Kong Virtual Asset Consortium (HKVAC) due to changes to these indices.
The top 5 global crypto index now includes Solana instead of Ripple’s native currency, XRP, according to a recent statement from the HKVAC, which rates digital asset trading platforms and crypto market indices.
Solana is now the fourth-largest cryptocurrency, surpassing XRP in market capitalization for the first time, according to a research published last month. Concurrently, Avalanche displaced TRON in the top 10 index. This occurs after other cryptocurrencies fell in December 2023 but AVAX saw a spike.
Chief investment officer at Merkle Tree Capital Ryan Mcmillin suggested that conventional banks like JPMorgan and Citi collaborating with the Avalanche Foundation on tangible asset tokenization projects may be largely responsible for the excitement around AVAX.
Nevertheless, TRON’s performance has significantly improved from the bad market cycle that occurred between 2018 and 2020, when it fell by more than 98%. It bounced back in 2023, hitting a 100% rally. Additional upgrades included Internet Computer, Near protocol, Immutable (IMX), Injective (INJ), Optimism (OP), and Optimism (OP) being added to the global large crypto index. This is happening as Hong Kong keeps up its efforts to support the local cryptocurrency market.
Amidst the United States Securities and Exchange Commission’s (SEC) evaluation of eleven spot Bitcoin ETF applications, Hong Kong’s financial authority declared in December 2023 that it is preparing to accept spot crypto ETFs. On January 10, these applications were granted.
The Securities and Futures Commission of Hong Kong, however, stressed that the cryptocurrency transactions carried out by these ETFs have to happen through approved financial institutions or SFC-licensed crypto platforms.