Bitcoin [BTC] falls from 10th to 16th position on China’s CCID cryptocurrency rankings

On 20th September, the China Center for Information Industry Development [CCID] released the new monthly list of cryptocurrency ratings. Out of the 33 cryptocurrency ecosystems ranked in the report, EOS and Ethereum remain unmoved at the 1st and 2nd positions, same as the past month. However, the biggest cryptocurrency by market cap, Bitcoin, has strolled down to 16th position from the former 10th rank.

Last month, Bitcoin experienced a rise in its rankings by 7 spots wherein the cryptocurrency went straight up to the 10th spot from the 17th. This month, the 3rd place was claimed by BitShares that managed to climb from the 12th rank on the chart.

In the cryptocurrency space, China is known as one of the largest hubs for cryptocurrency mining activity. In fact, the most dominant mining giant in the blockchain space, Bitmain is based in China. Yesterday, Jihan Wu, the Founder of Bitmain announced a new Application-specific integrated circuit [ASIC] mining chip sized 9-nanometer. This has brought the Chinese monopoly back in the game, right before experts thought that the company would lose its edge.

The first Bitcoin exchange in China, BTCC was accounted for the second largest trading volume in the world back in 2014. More so, the biggest cryptocurrency platform, Binance also has its founding origins in China itself, with its headquarters moved to Japan after the stringency showed by the Chinese governance in the cryptocurrency space.

CCID uses three criteria to create the rankings, namely, technology, applicability and innovation. The cryptocurrencies gain a higher spot based on the technical advancements and upgrades introduced, the spectrum in which the ecosystem is applicable and the range of utility for the cryptocurrency.

This month, EOS is reported to have bagged a total index of 145.5 whereas Ethereum had a total of 133.8 points. BitShares stayed a little behind with only 109.3 marks on the chart.

Idris, a cryptocurrency and blockchain space follower on Twitter commented:

“Who cares about what the Chinese government thinks…they just want to control it and can’t.”

Another Twitter user, don Patrick, who is an application architect and blockchain enthusiast also wrote:

“Each time china does this ..it always results in #bitcoin going higher.”