Bitcoin Drops to #17 in Official Chinese Rankings

China’s Center for Information Industry Development (CCID) is an organization affiliated with the Chinese central government. Each year, the CCID ranks cryptocurrencies with the intention to “evaluate the technological capability, the usefulness of the application and the innovativeness” of various cryptocurrencies.

This month, the CCID has issued a new official ranking of the top 30 cryptocurrencies in circulation.

EOS currently ranks as the top cryptocurrency. The EOS blockchain platform token, EOS, has risen to the top for the first time, dropping last month’s winner, Ethereum, down to the #2 spot.

Bitcoin has dropped down to #17, which is a significant drop of four positions compared to its previous ranking.

The new CCID’s list of Top 10 cryptocurrencies includes five new tokens which has resulted in five (Komodo, Monero, IOTA, Cardano, and Stratis) losing their positions on the list.

The top 10 Cryptocurrencies in June, according to CCID:
1. EOS
2. Ethereum (1st in May)
3. NEO (4th in May)
4. Stellar (6th in May)
5. Lisk (3rd in May)
6. Nebulas
7. Steem (2nd in May)
8. BitShares
9. Ripple
10. Qtum

The cryptocurrency community is understandably surprised and even confused about the #1 ranking EOS received in June, because of the controversy and criticism surrounding the platform following the launch of its mainnet earlier in June.

According to the CCID report, EOS rose to the #1 ranking because of its “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs.”

The highly anticipated EOS mainnet launched on June 15, two weeks behind schedule, after raising an incredible USD 4 billion through the longest-running ICO in crypto history. However, since its peak in April when it traded at over USD 20, the EOS token has lost around two thirds of its value, currently trading around USD 7.8.

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