XRP Replaces USDC in HKVAC's Top 5 Cryptocurrency Index
Date: 2023-10-14 Author: Dima Zakharov Categories: BLOCKCHAIN
HKVAC's Crypto Index Shake-Up
The Hong Kong Virtual Asset Consortium (HKVAC) has brought about a notable change in the world of cryptocurrencies. On October 13th, HKVAC officially announced the results of its rebalancing efforts for key HKVAC indexes and market indices, which are set to take effect on October 20th.
Currently, the top 5 cryptocurrency index, known as the HKVAC Global Large Top5 Index, includes BTC (Bitcoin), ETH (Ethereum), USDT (Tether), BNB (Binance Coin), and XRP (Ripple). Notably, the initial inclusion of USDC Circle has been replaced with XRP, leaving only one stablecoin, USDT, in the index.
XRP's Ascent in the Crypto Rankings
This change comes after XRP displaced USD Coin (USDC) from its previous 5th position in terms of market capitalization rankings. However, it's worth noting that XRP's impact on the index is expected to be relatively modest, given that BTC and ETH collectively account for a significant 83.63% of the index's composition.
XRP had only recently been added to the HKVAC index, which tracks the performance of the top 30 cryptocurrencies. Currently, XRP holds a 6.94% share in this specific index.
