$ 29,396.00 0.41%
$ 1,974.25 0.32%
$ 49.89 0.83%
$ 0.085367 1.42%
$ 8.04 2.01%
$ 1.34 1.74%
$ 0.000114 10.55%

Why Bitcoin ranking took a plunge on Chinese rankings

why bitcoin ranking is down in chinese ranking

The crypto rankings were released by the Chinese Electronic Information Industry Development, that featured the thirty-five largest cryptocurrencies like TRON, Litecoin, Bitcoin and Ethereum.

Bitcoin, which was thirteenth on the list, dropped down to the fifteenth position since February, whereas TRON secured the second place on this list. Making its way to the top was EOS with Ethereum right below TRON on the third.

This decline in Bitcoin’s performance came as a surprise to many of the analysts and crypto investors but it is necessary to understand the CCID criteria for this ranking before jumping to conclusions. The current top three cryptocurrencies are focused on dApp blockchain networks, enabling the development of decentralized apps using blockchain. The CCID admitted that they used the compatibility of these blockchain networks with dApps, as their deciding criteria.

Recently, many of the government organizations around the globe, including China have been experimenting with the cryptocurrency technology for running applications of services on a public ledger. Despite China’s strict policies regarding the digital asset trade, the Ministry of Civil Affairs announces plans for implementation of blockchain technology to track donations to improve transparency.

Blockchain networks based on easy scaling and flexibility are more attractive to both corporations and governmental organizations than those that focus more on the security of payments.

Bitcoin is considered the most secure and trustworthy crypto exchange in the crypto market today. Considering this and the fact that Bitcoin is the pioneering crypto exchange, influencing the crypto space movement, it must be hard for investors and crypto enthusiasts to understand why BTC is ranked at the fifteenth position.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

Related News

Hot Stories

Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Verasity Price Prediction 2022-2031: Soon to hit $0.50 after Crypto.Com listing?
Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Shiba Inu Price Prediction 2022-2030: Is SHIB Skyrocketing Soon?

Follow Us

Industry News

Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace
President of Panama Refuses to Sign the Cryptocurrency Bill
Gabe Plotkin's hedge fund Melvin Capital shut its doors this week