Cryptocurrency Shake-Up: HKVAC’s Major Index Rebalancing for 2023

Hong Kong’s prominent index company, HKVAC, has declared the rebalancing results of its key cryptocurrency indexes, affecting several digital assets in its portfolio. These adjustments are set to take effect on the 20th of October, bringing changes to both HKVAC Key Indexes and HKVAC Market Indexes.

Cryptocurrency Shuffling

The company disclosed that it would be incorporating Hedera (HBAR), Maker (MKR), and Quant (QNT) into its portfolio. Simultaneously, it will remove Cryptonex (CNX), Internet Computer (ICP), and HEX. Market observers anticipate that this strategic move will impact the dynamics of the digital currency market.

HKVAC’s global large cryptocurrency index has long been a key player in the industry, and these adjustments will undoubtedly reshape the composition of this index. The top five cryptocurrencies in the world, as per the index, will now include BTC, ETH, USDT, BNB, and XRP. Notably, XRP has replaced USDC, signifying a significant shift in the market’s perspective.

HKVAC officially announced the rebalancing results on October 13, 2023. Further details and comprehensive information regarding the reconfiguration of the indexes will be published on the HKVAC official website on the same day at 4:30 PM.

HKVAC Crypto Market Index Updates

The HKVAC Cryptocurrency Global Large Market Cap Index will maintain its current composition, consisting of 30 constituents. Hedera (HBAR) and Maker (MKR) will be introduced, while Cryptonex (CNX) and Internet Computer (ICP) will be removed from the index. The balance remains unchanged, ensuring continued market representation.

Similarly, the HKVAC Cryptocurrency Large Market Cap Index (Ex-BTC, ETH & Stablecoin) will undergo changes. It will retain 30 constituents in its structure. Hedera (HBAR), Maker (MKR), and Quant (QNT) are new additions. Cryptonex (CNX), Internet Computer (ICP), and HEX will be removed from this index.

The modifications also extend to the HKVAC Market Indices, where the HKVAC Cryptocurrency Global Large Top5 Index maintains its structure with five constituents. XRP will replace USDC (USD Coin) as the addition.

Furthermore, the Top 5 Equal Weight Index will swap USDC for XRP, maintaining a five-asset composition. Top10 Index will remain unchanged, with no alterations to its composition. It will continue to encompass the top ten digital currencies in the market. The Top 10 Equal Weight Index remains unaltered, maintaining its constituent number at ten.

These adjustments represent a significant development in the market, offering insights into the evolving landscape and investor sentiment. Moreover, HKVAC’s rebalanced indexes came into effect on October 20, 2023. Market participants should monitor the impact on their portfolios and the digital currency market closely.