Many Chinese cryptocurrencies are surging up massively following China’s recent blockchain policies implementation. Among the most notable coins leading the bull run are NEO and TRX, both of which lead a pack of coins which have surged by at least 25% individually within the past 48 hours.
TRX Is Up By 24% In 24 Hours
TRON (TRX) is the best performing cryptocurrency among the top 20 in the last 24 hours. TRX has responded positively to a series of recent occurrences and events which range from China’s cryptographic policies implementation down to TRON Foundation’s inbound partnership which was revealed recently.
#TRON will partner with a hundred billion USD megacorporation next week. It will not only benefit $TRX but all TRC10&20 tokens including $BTT & $WIN etc. It will broadly distribute #TRON Dapps and tokens to billions of customers. TBA. Make a guess?
— Justin Sun (@justinsuntron) October 25, 2019
TRX gained about 24% in price against the USD within the last 24 hours. The price surge is a continuation of a steady price rise action seen since major alts began to trial BTC’s price surge as soon as China’s President gave an impressive blockchain speech last week. At the time of writing this piece, TRX is changing hands at $0.02057, having moved up by around $0.00416 within the described time frame.
NEO Picks Up A Bull Run, Gains Massively
NEO is one of the most influential Chinese cryptocurrencies which have shown great possibilities ever since China’s news was released. Like TRX, NEO also gained considerably alongside other Chinese cryptocurrencies. Coming second on the list, NEO has gained more than 16% within the last 24 hours in what can be described as the most notable positive price action since last quarter. NEO is currently changing hands at $11.72 after gaining about $1.31.
China Now Seen As The Most Important Crypto Influence
The news of China’s cryptography laws came as a surprise to many. Having worked against cryptocurrencies for the past years, the country is now taking bold steps to ensure the sustainability and adoption of blockchain technology. According to a recent report by Coingape regarding the matter, the 14th meeting of the Standing Committee of the 13th National People’s Congress was held on the 26th and the committee voted to pass the cryptography law. The law will be in effect on January 2020. The newly passed law aims at standardizing the application and management of passwords.
Last piece of China BREAKING News before bedtime –
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress… https://t.co/l6RX8Ivxnv
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below pic.twitter.com/x2FbskD3nk
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 26, 2019
China has been on a race to issue a national cryptocurrency, which many believe is a countermeasure to dilute the effect of the much controversial Facebook Libra. Coming to be known as the digital Yuan, China’s proposed cryptocurrency is inactive developmental stage and will be launched in no distant time.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com