By
Steve Muchoki
April 24th, 2024
China’s state-backed tech workgroup has released its fourteenth crypto rankings report, with Bitcoin ranked 11th, Tron – 2nd, and EOS (EOS) retaining the top spot
It seems that Tron (TRX) and EOS became China’s favorite children, at least if it’s to believe newly published CCID Crypto Ranking. The Chinese Ministry of Industry was always perplexing its selection of criteria, putting EOS up at the top based on its innovation.
But let’s start with Tron. The Chinese blockchain platform that was previously under strict scrutiny from Beijing, got its satisfaction last week when Chinese President Xi Jinping gave a speech almost celebrating blockchain. China, Xi said, will become the world’s foremost proponent of the technology and would seek to implement it throughout the economy.
During the 24 hours, TRX/USD has gained almost 25% and, at the time of writing was still rising by 6.24% to $0.02.
TRON proved itself as one of the most actively growing blockchains, excelling at 3.9 million accounts. The network offers high speed and a rising number of distributed apps and new mintings of USDT on the TRON network are pushing the project’s positions.
Even though this new ranking may be a result of Xi’s speech, it is also possible that it has to do something with its CEO Justin Sun’s recent announcement about Tron allegedly partnering with a corporation valued at somewhere $100 billion. He went on to invite guesses.
#TRON will partner with a hundred billion USD megacorporation next week. It will not only benefit $TRX but all TRC10&20 tokens including $BTT & $WIN etc. It will broadly distribute #TRON Dapps and tokens to billions of customers. TBA. Make a guess?
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 25, 2019
Be it as it may, the truth is that Tron is one of the nation’s largest cryptocurrencies by market capitalization and it could profit the most from China’s newly gained interest in the space.
#TRON regains 2nd place in China's CCID 14th world ranking of blockchains – 1st among Chinese blockchains
As President Xi has called for China to accelerate #blockchain investment & development, take into account that CCID is directly under the Ministry of Industry & Information pic.twitter.com/QcrFE0hq0z
— Misha Lederman (@mishalederman) October 28, 2019
The project is bothered with few issues, mostly regarding its credibility. Its market price rocketed to its record of more than $0.15 during the altcoin rally in 2017. At one point, there were rumors about TRX hitting $1 and it created extra FOMO buying. However, since then, the market price continued to fall and to lows of around $0.012.
The problems actually started when China banned domestic ICO’s. Some buyers on crypto-exchange Binance were then offered the possibility to even cancel their purchase of TRX preliminary tokens if they wanted to.
However, Tron wasn’t discouraged and decided to buy BitTorrent back in 2018. Later, the project held a token sale through Binance for BitTorrent Token (BTT) and still aims to widen its asset by a scheduled airdrop program.
But let’s get back to the list CCID Crypto Ranking created. Bitcoin (BTC) is ranked 11th, Tron holds the second place and the winner is – EOS retaining the top spot as of the end of September 2019.
Compared with the last ranking that was published this July, Bitcoin stood in the same position while altcoin Tron has thrown Ether (ETH) from the second place. XRP is up from 30th to 20th place.
Qtum (QTUM) has risen from 18th to 8th, Lisk (LSK) from 14th to 7th and Dash (DASH) from 21st to 17th. Just for reminder, back in May 2018, at the first crypto rating report, Ether was in the first place.