China’s Ministry of Industry and Information Technology have released its crypto evaluation and rating index of 28 cryptos where Ethereum rank the first spot while Bitcoin shares its 13th position with Verge but has the highest rating for innovation.
ETH a hit, Bitcoin rank 13th in global public chain evaluation index
After banning the cryptocurrencies in the country, recently Chinese government in its bid to understand and support the blockchain technology made the announcement to release its “first global public-owned chain technology evaluation index and ranking” for 28 cryptocurrencies, in total.
Today, the Chinese Ministry of Industry and Information Technology released the public crypto ranking index.
The crypto ranking index followed certain criteria to rank the cryptocurrencies that involve basic technology, applicability, and creativity.
According to the index, the top spot goes to the Ethereum with the total index rating of 129.4. Ethereum (ETH) is world’s second largest cryptocurrency whose market value is currently $711 with the market cap of $70 billion.
However, Bitcoin (BTC) which is world’s most popular and valued cryptocurrency with the market cap of $142 billion and right now sits at $8,386 has been ranked 13th. Bitcoin rank its 13th position with Verge (XVG) which according to the Coinmarketcap is at 29th position with $0.056 price and a market cap of about $844 million.
China takes a deep dive into blockchain world
On the basis of the ranking criteria separately, Steem is the one with the highest score in basic technology and highest applicability is of NEO while Bitcoin gets the best for Innovation and creativity.
Apart from Ethereum, the top 5 spots also covered Steem, Lisk, Neo, and Komodo in this order. Other cryptocurrencies that scored better than Bitcoin are Stellar, Cardano, IOTA, Monero, Stratis, Qtum, and BitShares.
The public ranking table rolls out the 16th to 28th positions, viz. Ethereum Classic, Ripple, Dash, Siacoin, Bytecoin, Litecoin, Ark, Zcash, Nano, Bitcoin Cash, Decred, Hshare, and NEM.
Reportedly, it is the first technology-focused assessment index of a public chain that the Chinese government would be releasing on a monthly basis. Being the holder of the maximum number of blockchain-related patents, China might have banned cryptocurrencies but is very much serious and focused on the application and growth of underlying technology, blockchain.
Though these rankings can be seen as a potential easement on crypto restrictions by China, it is for now just a wishful thinking. In March, when the new PBoC Governor shared his bullish sentiments on Bitcoin and other cryptocurrencies, it was expected that China might see more favorable regulations, but no such thing. So, it all remains to be seen!
What are your views on China’s crypto ranking Index and Bitcoin getting the 13th spot while Ethereum tops the class? Share your thoughts with us!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.