HKVAC’s Virtual Asset Index Excludes Top Cryptocurrencies

• HKVAC’s recent release of the cryptocurrency index has created controversy regarding the exclusion of some cryptocurrencies.
• The index excluded SOL, AVAX, UNI, and ETC while it included FTM and EOS.
• The agency responded that the cryptocurrencies would be considered to be included by July 14.

The rating agency Hong Kong Virtual Asset Consortium’s (HKVAC) recent release of the virtual asset index has been a subject of controversy since the agency excluded the leading cryptocurrencies like SOL, AVAX, UNI, and ETC while it included FTM and EOS. Responding to the dissension, HKVAC assured that the agency would rebalance the index by July 14, considering the inclusion of those cryptocurrencies.

A Chinese crypto reporter Colin Wu, on his Twitter page Wu Blockchain, shared a thread, shedding light on KKVAc’s response to the ongoing arguments regarding its virtual asset index.

Yesterday, the reporter took to Twitter to share the publication of the cryptocurrency index, marking the top crypto assets by market cap. The list released by the agency included the top 30 cryptocurrencies including WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS, in addition to the largest cryptocurrencies by market cap, BTC and ETH.

According to CoinMarketCap, the blockchain platform Solana’s SOL, currently trading at $16.14, is ranked 10 by market cap. It holds a 24-hour trading volume of $293,742,225. Similarly, AVAX, the native token of the smart contract platform Avalanche is trading at a price of $12.96, with a 24-hour trading volume of $115,248,018 USD. The cryptocurrency has been ranked 18 considering its market cap.

UNI, another cryptocurrency excluded by HKVAC, is the native token of the decentralized exchange (DEX) Uniswap. The token’s price currently stands at $5.13, with a 24-hour trading volume of $51,747,220 and a market cap ranking of 26, as per CoinMarketCap.  Ethereum Classic’s ETC, trading at $18.34, has also been excluded by HKVAC though it is ranked 29 by market cap, as per the data released by CoinMarketCap.

While HKVAC excluded these leading tokens, it included the cryptocurrencies like FTM and EOS, which relatively have a lower market cap. The blockchain platform Fantom’s FTM, currently priced at $0.3031, is ranked 46 by market cap as per CoinMarketCap. Similarly, EOSIO’s EOS is currently priced at $0.7100, with a market cap ranking of 50.