Bitcoin (BTC) Drops To 15th Position on The Bizarre Digital Currency Ranking of China, Here’s Why

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

China Electronic Information Industry Development (CCID) just published its digital currency rankings for this month. The CCID functions directly under China’s Ministry of Industry and Information Technology. The just-released rankings featured the top 35 digital currencies in the market. The likes of Bitcoin (BTC, Ethereum (ETH), Tron (TRX), EOS (EOS), XRP (XRP), and Ontology were on the list.

The organization publishes its digital currency ranking for every month. In the rankings published last month, Bitcoin (BTC) was at the 13th position. EOS was at the top of the ranking. Tron was in the third position while Ethereum was occupying the second position.

Bitcoin (BTC) and Ethereum (ETH) Loses Their February Positions

Nevertheless, March rankings have some significant changes in it. Bitcoin (BTC), which was 13th, has now plunged to the number 15th spot. Tron has now moved a step higher, occupying the previous position of Ethereum – 2nd spot. Ethereum is now beneath Tron at the third position. Whereas, EOS still maintains its position at the number one spot.

The plunge of Bitcoin to the 15th spot by the crypto ranking of CCID surprised a lot of analysts and investors. While many are asking if Bitcoin will recover and waiting for the bullish Bitcoin price predictions 2019, the rankings of CCID shows that Bitcoin is losing applicability and creativity. Nevertheless, it is imperative to know the criteria CCID uses to choose the best blockchain projects.

CCID Uses Dapp-Focused Method in Grading Digital Currencies

The top three blockchain projects on the ranking of CCID are EOS, Tron, and Ethereum. One thing that is common about these projects is that they are Dapp-focused. They provide a platform for developers to create and deploy decentralized apps (Dapps) using blockchain technology. CCID specifically stated that blockchain projects that support decentralized apps held the top positions based on its criteria. CCID disclosed this in an official statement released on the 22nd of March.

Over the past years, several government agencies across the globe have been exploring the potentials of blockchain technology. They have been experimenting the technology to run applications or services on a public ledger potentially. The government of South Korea and China are also on this train. For instance, in September last year, the Ministry of Civil Affairs in China announced its plans to track charity donations for transparency using blockchain technology. The nation wants to implement blockchain technology despite its stringent policies for digital currency trading.

The Criteria of CCID Doesn’t Favour all Blockchain Projects

The criteria CCID uses to rank blockchain projects is not enough for investors to the progress or performance of the growth of BTC and other digital currencies. It is very challenging to use a single criterion that will satisfy all traits of a blockchain network. As a result, the ranking of CCID should not be taken as a definitive ranking of blockchains. Investors and analysts should only take it as a reference.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$12,112.00
8.77%

At the time of writing, Bitcoin (BTC) is changing hands at $4,040 after a decrease of less than one percent over the past twenty-four hours. Bitcoin (BTC) currently has a market cap of $70.19 billion. The trading volume of the digital currency over the past twenty-four hours is $8.34 billion.

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