China’s Latest Crypto Ratings Gives Thumbs Up For Bitcoin

Some changes have been made in the official report issued by the Chinese Center for Information and Industry Development (CCID). Bitcoin moved in the rankings significantly.

Bitcoin peaked at almost $20000 in December 2017. However, within a year its value fell by 75%. As at present, the fighting cryptocurrency is below the US Dollar $4,000 barrier.

The Chinese Center for the Development of the Information Industry (CCID) issued the seventh edition of the cryptocurrency and blockchain ratings. It is a division of the Ministry of Industry and IT. It was launched in May and initially included 28 crypto projects. Since its inception, however, five cryptocurrencies have been added to the list. This accounts for 33 crypto projects.

The ranking of the cryptographic projects was based on their fundamental technology, applicability, creativity and overall rating. In October, Bitcoin dropped to 19th place, while in this recent ranking it was 13th. The currency, however, is still below its best position in August to reach the top ten positions. In addition, other cryptocurrencies such as EOS and Ethereum still have top ranking positions.

The monthly Global Public Chain Technology Evaluation Index was upgraded by the Chinese cryptocurrency EOS. Ethereum, which was the first in the first edition, came in the second place. BitShares, Steem, Nebula, GXChain, NEO, and Lisk follow EOS and Ethereum. Ripple, Stellar and Komodo are the 10th, 11th, and 12th names in this list from China just above Bitcoin.

Bitcoin was given a 45.1 basic technology rating, which is the lowest on the list. Interestingly, while it is the lowest in basic technology, Bitcoin does more than compensate for innovation: it is the highest ranked name in the creativity category list. With regard to basic technology, EOS is at the top of the list and Ethereum is the leader in the applicability category.

The recent chaos surrounding Bitcoin Cash continues to affect the currency’s rankings as well: Bitcoin Cash has now dropped five names to the bottom of the list–scoring 45.6 in basic technology, 20.3 in applicability and 13 in creativity. One of the main reasons for the poor Bitcoin Cash ranking is the recent hard fork that has divided the Bitcoin Cash community.

Besides the above names, Stratis, Waves, Cardano, Monero, IOTA, Verge, Zcash and Sia are also included in this list.

Regarding future plans, CCID said

“CCID Blockchain Research Institute will also launch an in-depth evaluation report and application development report for public chains … We will also launch an advisory service and report on public chain technology assessment.”

A visual breakdown of the data, currently circulating on social media, is provided below.