XRP Enters Top 5 of HKVAC Cryptocurrency Index, Replaces USDC

Published by

Qadir AK

October 13, 2023

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Hong Kong, October 13 – Today, Hong Kong’s esteemed index company, HKVAC, made major updates to its flagship cryptocurrency indexes, with XRP replacing USDC among the world’s top five cryptocurrencies, sparking interest and potentially indicating shifting investor sentiment.

Could the changes introduced really change the market as we know it? Well, read on and decide for yourself!

Major Index Overhauls

In its recent announcement, HKVAC detailed some substantial changes to its Cryptocurrency Global Large Market Cap Index. This index, which meticulously tracks 30 leading cryptocurrencies globally, made room for newcomers Hedera (HBAR) and Maker (MKR). Cryptonex (CNX) and Internet Computer (ICP) are bidding goodbye from this esteemed list.

HKVAC also provided updates for its Cryptocurrency Large Market Cap Index, which intentionally excludes big names like BTC and ETH. This index welcomed Hedera (HBAR), Maker (MKR), and Quant (QNT) while saying goodbye to Cryptonex (CNX), Internet Computer (ICP), and HEX.

XRP Replaces USDC

The most attention-grabbing change was observed in HKVAC’s Cryptocurrency Global Large Top5 Index, where XRP replaced USDC, a long-standing member of the top five. This shift was mirrored in the Cryptocurrency Global Large Top5 Equal Weight Index, underlining XRP’s growing dominance in the market.

Also Read: JPEX Scandal in Hong Kong Rings Alarm Bells: Crypto Regulations to Become Stricter

Consistency in Top 10 Listings

While these changes have caused a stir in the market, HKVAC’s Cryptocurrency Global Large Top10 Index and Cryptocurrency Global Large Top10 Equal Weight Index remain untouched, featuring their original ten constituent cryptocurrencies. This offers stability in the midst of the ongoing disruption.

These changes will be fully documented on HKVAC’s official website by October 20, with the updates taking effect on the same day, reflecting HKVAC’s commitment to accurately represent the crypto industry.

The community watches eagerly to gauge the market’s response to these changes.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.