The Hong Kong Virtual Asset Consortium (HKVAC) has made significant revisions to its top 5 crypto index, top 10 crypto index, and overall crypto index. This has resulted in the exclusion of several well-known cryptos from the indices.
XRP, valued at $0.57, has been removed from the top 5 global crypto index and replaced by Solana, which is currently valued at $96. This change comes after Solana overtook XRP in market capitalization, becoming the fourth-largest crypto.
In the top 10 index, Avalanche, valued at $36.05, has replaced TRON, valued at $0.1162. This change was prompted by a surge in AVAX’s value in December 2023, while other cryptos experienced a plunge. Analysts have attributed this surge to recent partnership announcements, increased trading volumes, and a surge in total value locked. However, some suggest a shift in how altcoins are valued.
Ryan Mcmillin, the chief investment officer at Merkle Tree Capital, has stated that 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. Despite being replaced in the index, TRON has seen a significant recovery since the bear market cycle of 2018-2020, during which it plummeted by over 98%. In 2023, it achieved a 100% rally.
Other updates to the global large crypto index include the addition of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX).
These changes come as Hong Kong continues its efforts to bolster the crypto industry within the region. The city’s financial regulator announced on Dec. 22 that it is preparing to receive spot crypto ETFs, following the United States Securities and Exchange Commission’s (SEC) recent approval of 11 spot Bitcoin ETF applications.
However, the Hong Kong’s Securities and Futures Commission has emphasized that crypto transactions conducted by these ETFs must occur through SFC-licensed crypto platforms or authorized financial institutions.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 ðŸ‡ðŸ‡° |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Daniele Servadei, Ryan Mcmillin |
| Companies | Merkle Tree Capital, Avalanche Foundation, Hong Kong’s Securities and Futures Commission, Cointelegraph, Hong Kong Virtual Asset Consortium |
| Currencies | Solana, XRP, Internet Computer, Avalanche, TRON |
| Securities | None |
