Why Bitcoin Plunged to 15th in China’s Bizarre Crypto Rankings

Joseph Young
Bitcoin keeps falling in China's government-compiled crypto rankings. | Source: Shutterstock

China Electronic Information Industry Development (CCID), which operates directly under the Ministry of Industry and Information Technology of China, released its crypto rankings for March, featuring top 35 crypto assets in the likes of Ethereum, Bitcoin, EOS, TRON, and Ontology.

Bitcoin dropped from 13th to 15th since last month while TRON climbed up the rankings to secure the number 2 spot. EOS topped the rankings, and Ethereum fell behind TRON at third.

EOS & TRON Trump Bitcoin in China Blockchain Rankings

china crypto rankings, bitcoin

Bitcoin fell to 15th in China’s crypto rankings, while EOS and TRON led the index. | Source: ccidnet.com

While Bitcoin dropping to 15th out of the 35 crypto assets on CCID’s ranking surprised many investors and analysts, it is important to understand the criteria CCID has been using to find the best blockchain projects from its point of view.

DApp-Focused Approach in Grading Crypto Assets, TRON and EOS Ahead

The top three cryptocurrencies on the CCID ranking are EOS, TRON, and Ethereum, all of which are dApp-focused blockchain networks that enable developers to build decentralized applications using blockchain technology.

The official statement of CCID published on March 22 specifically emphasized that blockchain networks designed to support dApps ranked as the top blockchain networks based on its criteria.

In recent years, many government agencies across the world including China and South Korea have experimented with blockchain technology to potentially run services or applications on a public ledger.

Read the full story on CCN.com.