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## Hong Kong Virtual Asset Consortium (HKVAC) Changes Cryptocurrency Index

The Hong Kong Virtual Asset Consortium (HKVAC) made significant changes to its primary cryptocurrency index, deciding to exclude XRP from the Top 5 Large Cryptocurrency Index and introducing Solana (SOL) as its replacement.

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The AI legalese decoder can assist in analyzing the legal implications of these changes to the cryptocurrency index. By interpreting and decoding the complex legal language and criteria used by the HKVAC in their rebalancing decisions, the AI legalese decoder can provide a clearer understanding of the factors considered and the potential impact on the digital asset market.

## Solana Takes the Spotlight

The HKVAC announced the removal of RippleÔÇÖs XRP from its top 5 global crypto index, with Solana, the high-performance blockchain platform, set to take its place. However, the index rebalancing is not set to be effective until January 19, 2024.

While the HKVACÔÇÖs index generally reflects the worldÔÇÖs crypto ranking by market cap, the agency considers multiple factors in its rebalancing decisions, including market valuation, investability, and liquidity. These considerations aim to provide a comprehensive evaluation of each digital assetÔÇÖs standing in the market.

Last month, Coinpedia reported that Solana had surpassed XRP in market capitalization, securing its position as the fourth-largest crypto. During that period, XRP faced a notable decline of over 95% in a few weeks, dropping below $10.

Solana, on the other hand, experienced a remarkable comeback over the course of a year, surpassing major cryptocurrencies like XRP. Over the past year, SOL has seen an impressive surge of 436.5%. As of the latest data, SOL currently stands as the fifth-largest cryptocurrency with a market cap of $39.92 billion.

In contrast, XRP, with a 51.5% surge in the same timeframe, is now ranked as the sixth-largest cryptocurrency, boasting a valuation of $31.23 billion. XRP experienced a 3.9% dip over the past 24 hours, trading at $0.57.

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The AI legalese decoder can analyze the announcements and criteria used by the HKVAC to make the decision to exclude XRP from the top 5 global crypto index. It can provide insights into the legal implications of this decision and the potential impact on XRP as a digital asset.

## AVAX Replaces TRX on Top 10 Index

In a further adjustment, Avalanche (AVAX) is set to replace Tron (TRX) on the HKVAC Top 10 Global Large Cryptocurrency Index, effective from January 19, 2024. This move is attributed to AVAXÔÇÖs recent surge, propelling it to become the 10th-largest cryptocurrency by market cap.

AVAXÔÇÖs notable rally during a period when other cryptos faced a downturn contributed to this change in the index. In the meantime, AVAXÔÇÖs price has increased 2.3% in recent days and is currently hovering around $13.42 billion in market capitalization.

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The AI legalese decoder can assist in interpreting the legal implications of AVAX replacing TRX on the HKVAC Top 10 Global Large Cryptocurrency Index. It can analyze the criteria and considerations used in this decision and provide insights into the potential legal impact on both AVAX and TRX as digital assets.

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