XRP has replaced USDC to become the latest component of the HKVAC Cryptocurrency Global Large Top5 Index, an index that tracks the top five largest crypto assets.
The inclusion of XRP in the Global Large Top5 Index is part of the rebalancing of the constituents that make up the index. This particular index is one of many with adjusted components. Notably, HKVAC said the changes will come into effect on October 20.
The Cryptocurrency Global Large Top5 Index
Before this rebalancing, the digital currencies that make up the index include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and the two top stablecoins, USDT and USDC. With the rebalancing, the total number of constituents remains unchanged at 5, leaving USDT as the only stablecoin in the mix.
The HKVAC Cryptocurrency Global Large Top5 Index showcases an extensive spectrum of investable virtual assets. The five assets listed on the index made it to the list on defined criteria. These criteria include the coin’s market capitalization, associated market liquidity, and suitability for investment.
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XRP displaced the stablecoin after surpassing its market capitalization. While the stablecoin’s market cap is pegged at $25.08 billion, XRP’s valuation is slightly higher at $25.68 billion. Notably, USDC takes just 2.92% of the pie in the soon-to-change Index. It remains unclear whether XRP’s cut will be bigger when the rebalancing takes full effect.
Apart from the Large Top5 Index, XRP also displaced USDC in the HKVAC Cryptocurrency Global Large Top5 Equal Weight Index, showing a more emphatic inclusion for the asset.
XRP Gaining Additional Recognition
While making it to the Global Large Top5 Index is a big win for XRP, this is not the first time the Hong Kong HKVAC Rating Agency has recognized XRP. As reported in June, XRP made it to the HKVAC Cryptocurrency Global Large Market Cap Index, which tracks the performance of the top 30 coins.
The inclusion of XRP in the famous index has climaxed over the past year as the coin also made it to the X Crypto Price Index feature in January.
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