- XRP and TRON have been removed from the Hong Kong Virtual Asset Consortium’s cryptocurrency indexes. XRP was replaced by Solana in the top 5 index and TRON was replaced by Avalanche in the top 10 index. This reflects recent market capitalization changes.
- The HKVAC indexes have added several other tokens including ICP, NEAR, OP, INJ, and IMX. This demonstrates how the volatile crypto market is constantly changing.
- Hong Kong is moving forward with crypto-friendly policies like allowing spot crypto ETFs, though requiring ETF transactions go through licensed platforms. This will likely lead to further evolution of the HKVAC indexes.
The Hong Kong Virtual Asset Consortium (HKVAC) recently announced changes to its cryptocurrency indexes, removing major digital assets XRP and TRON. The revisions reflect fluctuations in the crypto market over the past month.
XRP Replaced by Solana in Top 5 Index
Ripple’s XRP token has been removed from the HKVAC’s top five global crypto index. XRP has been replaced by Solana’s SOL token, which surpassed XRP in market capitalization in December 2022 to become the fourth-largest cryptocurrency.
TRON Replaced by Avalanche in Top 10
Meanwhile, Avalanche’s AVAX token has taken TRON’s spot in the HKVAC’s top 10 index. AVAX saw a significant price surge in December 2022 while the crypto market plunged, leading to its addition over TRON.
Other Additions to Indexes
The HKVAC also added several other tokens to its indexes including Internet Computer’s ICP, Near Protocol’s NEAR, Optimism’s OP, Injective’s INJ, and Immutable’s IMX. These were all added to the global large crypto index.
Hong Kong Fostering Crypto Industry Growth
The index changes come as Hong Kong continues efforts to grow its crypto industry. The city’s financial regulator is preparing to allow spot crypto exchange-traded funds, following the U.S. SEC approving spot Bitcoin ETFs in January 2023. However, the HK regulator requires ETF crypto transactions go through licensed platforms.
Conclusion
The HKVAC index updates reflect wider market shifts over the past month. The removals of XRP and TRON plus additions of Solana, Avalanche and other tokens demonstrate how the volatile crypto industry is constantly evolving. As Hong Kong moves forward with crypto-friendly policies, its indexes will continue responding to significant market developments.
