A lot has been happening in China lately, other than a massive hype about blockchain technology, the crypto market is reflecting a very positive sentiment. Alongside this, China’s state-backed tech workgroup has just released the fourteenth crypto ranking report.
The list ranks a total of 35 assets as reported by the Centre for information and Industry Development (CCID)’s online information portal, and lists Bitcoin (BTC) in the 11th position. The top is retained by EOS as of the end of September. Comparing this one with the last report, Bitcoin has been holding the same position while Tron has surpassed Ethereum (ETH) and has claimed the second position. XRP, on the other hand, has taken a huge leap and moved up from the 30th position to the 20th position. Also making a good move was Qutum (QTUM) which went from the 18th position to the 8th position and Lisk (LSK) from 14th to the 7th. Dash went up from 21st to 17th.
The complete list:
The crypto rankings were first started in May 2018 by CCID under the aegis of Ministry of Industry and Information Technology. Ethereum at that time was awarded the top position out of the total of 28 coins. The assets are evaluated on the basis of three basic parameters which are: basic technology, application and innovation.
Popular altcoin Tron made its debut in the list back in February. It has seen almost 25% gains recently which can be linked to TRON CEO’s recent announcement which teased a major partnership with an alleged “mega corporation.”
The most important event in china of late was President Xi Jinping’s call for accelerated development of blockchain technology in the nation. The President’s positive attitude towards blockchain technology has been perceived as a sign of China’s willingness to be in the number one position in the blockchain race. This, in turn, has put the United States of America under a lot of pressure.
Prior to this, there was also a massive surge in the number of times the word “blockchain” was searched on the popular Chinese web browser Baidu and the messaging platform WeChat.
Bitcoin also performed really well as On Oct. 26, it saw its highest intraday gain since 2011, gaining 42% to trade at $10,500.