Solana (SOL) has edged out XRP to secure a spot in the Top 5 Global Large Cryptocurrency Index of Hong Kong’s HKVAC. This decision, effective from January 19, 2024, reflects Solana’s remarkable rise in the crypto market.
HKVAC’s Strategic Rebalancing
Solana’s inclusion is significant, especially as it joins the HKVAC Equal-weighted Index, replacing XRP. This revision sees new entrants like Internet Computer (ICP) and NEAR Protocol (NEAR) while bidding farewell to others like TrueUSD (TUSD) and Binance USD (BUSD).
In another strategic change, Avalanche (AVAX) will take Tron’s (TRX) place in the Top 10 Global Large Cryptocurrency Index. These adjustments are mirrored in the Equal-weighted Index, too.
Despite Solana’s recent surge past $120, its price has retreated below $100, standing at $98.21.
This downturn reflects a broader bearish trend in the crypto market, with SOL’s trade volume decreasing by over 20%. Meanwhile, XRP also faces a market slump, with its price dropping to $0.5929, a 1.45% decline.
This shake-up in HKVAC’s index and the fluctuating market prices underscore the dynamic nature of the cryptocurrency landscape. As investors and enthusiasts watch these developments, the crypto market presents evolving opportunities and challenges.
Also Read: Solana Ecosystem Sees Major Growth and SOL Value Surge in 2023
