🚀 Hong Kong Digital Asset Agency Removes XRP From Its Top 5 Crypto Index 🌐

The Hong Kong Virtual Asset Consortium (HKVAC) is steering the crypto wave with a major reshuffling in its core cryptocurrency index. 🔄 XRP bids farewell to the Top 5 Large Cryptocurrency Index, making way for the surging Solana (SOL). The changes are set to kick in from January 19, 2024, and they speak volumes about the evolving landscape of the crypto market.

Solana Surges: A Remarkable Comeback!

Solana (SOL) is on fire, making significant strides in the crypto realm. After the 2022 collapse of the FTX crypto exchange, SOL faced a severe setback, plummeting over 95% to below $10. However, the resilient cryptocurrency has staged a remarkable comeback, outpacing major players like XRP. 📈 SOL boasts a staggering 436.5% surge over the past year and currently ranks as the fifth-largest cryptocurrency with a market cap of $39.92 billion.

XRP's Demotion: Factors at Play

XRP, once a frontrunner, has faced a dip in fortunes, only witnessing a 51.5% surge in the same timeframe. As of now, it sits as the sixth-largest cryptocurrency, sporting a valuation of $31.23 billion. The recent 3.9% dip in the past 24 hours has contributed to its relegation.

📉 The HKVAC's decision to remove XRP from its Top 5 index emphasizes the agency's consideration of factors beyond market capitalization, including market valuation, investability, and liquidity.

🌍 Global Impact: HKVAC's Ripple Effect

While reflecting the world's crypto ranking by market cap, HKVAC's index reshuffling extends beyond XRP and Solana. Binance USD (BUSD), Filecoin (FIL), Maker (MKR), Ivy (IVY), and TrueUSD (TUSD) also experience shifts in the Global Large Cryptocurrency Index. Near Protocol (NEAR), Internet Computer (ICP), Immutable (IMX), Optimism (OP), and Injective (INJ) step into the limelight, reshaping the crypto landscape.

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