China Releases a list of top Cryptocurrencies with Ethereum at Number 1. However, China has put severe bans and restrictions on crypto trading and transactions but the power of this future currency has forced them to work on the ranking of crypto currencies. It is likely that the list might surprise you by not finding bitcoin in the top 10 list. The research was based on three factors, technology, Application and innovation. It was carried out by China Electronic Information Industry Development Department (CCID) under the control of Ministry of Industry and Information Technology.
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China Releases a list of top Cryptocurrencies with Ethereum at Number 1
Here is the list
The team considered the degree of efficiency followed by the ecosystem along with its innovation and application. Ethereum topped the list with the rest of the currencies placed as follows:
The list took the community by surprise
Community took few of the entries as surprising with Steem securing a place in the top 10 and Bitcoin at 13. The professionals could not find the logic behind Steem’s top ranking position because its blockchain application is very simple. The platform just works like Reddit and its purpose is to distribute content. Similarly, Bitcoin is a pioneer currency and it has shown the way to industry on blockchain adoption but it could not ensure presence in the top 10.
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How this list is encouraging Chinese Traders
Regardless of who come first and who last, Chinese Government at least considered the importance of digital currencies. China was initially mining 90% of the Bitcoins but then it faced harsh Government restrictions and the percentage dropped to less than 10%. It has also banned Crypto trading and transactions and filed Police cases against Crypto Traders. And it is undoubtedly the worst most country to do crypto trading because of Government’s strict actions. However, this research has given some hope to the traders that they are at least considering these currencies worth discussing.
Ethereum will be the hottest coin in the exchanges for couple of weeks
The news can impact the value of Ethereum positively. After being ranked the top cryptocurrency by Chinese Government, the huge number of traders will find inclination towards it. We will see the trend in favor of Etheirum with more and more people investing in it. Traders can’t have a better opportunity than to buy Ethereum and get the maximum share of profit in a week’s time. It is highly likely that the value of this coin might double in value and the early decision makers get the most out of this situation. These rewarding situations don’t happen quite often and therefore it his highly recommended to go for Ethereum for this week.