EOS still maintains the top spot in China’s cryptocurrency rankings list. The superpower updated its list last week, proving that EOS is still the favorite. Bitcoin has climbed up three places and now sits in 12th position.
Considering Bitcoin is up 10% to press time and approaching the $9k mark, its a wonder why it hasn’t ranked higher on the list. Well here’s why:
China’s Cryptocurrency Rankings
The rankings list assesses three criteria: technology, application, and innovation.
The top five were as follows: EOS, TRON, ETHEREUM, STEEM, and ONTOLOGY.
Despite the original cryptocurrency Bitcoin being the leading coin by market cap, it only managed to place in 12th. It scored well for creativity but lacked in basic technology.
The rankings are funded by China’s Ministry for Industry and Information Technology and were released by the Center for Information and Industry Development.
Moving forward, the body plans to update the list once every two months instead of monthly.
Eos has held the top spot since June 2018, while Tron has managed to stay in second place since February 2019.
Crypto’s In Green
The entire cryptomarket is experiencing double-digit gains today. China’s cryptocurrency rankings favorite, EOS is up 17.67% and selling for $7.45 per coin.
As stated, Bitcoin is holding firm above $8k—it is currently selling for $8,863 and up 10.87%.
The original cryptocurrency has been on a continued bull run this month. May has seen it pack on whopping gains of 65%.
Will The Gains Continue?
Recently, Bitcoin enthusiast and crypto fund manager, Brian Kelly, spoke to CNBC’s Fast Money and predicted that Bitcoin price will continue to rise. One reason for this is the approaching “halvening” that will see Bitcoin mining rewards cut in half. The halvening won’t happen until 2020, but until then, miners are expected to hoard BTC and this increasing demand will see Bitcoin price rise as the supply becomes lessened.
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Of course, Bitcoin remains as volatile as ever. Only one day after the coin passed the $8k mark, it plunged 10% back to $7,200 USD. While it has indeed paired those losses once again, never become too comfortable in this market. Another major dip is easily around the corner, especially if Bitcoin has been on an extended bull run.
What do you think of China’s cryptocurrency rankings list? Is EOS your favorite?
Featured Image: Deposit Photos/ilolab