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China, CoinMarketCap Show Stark Difference in Crypto Rankings

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China, CoinMarketCap Show Stark Difference in Crypto Rankings

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China’s crypto rankings are drastically different than the ranks on CoinMarketCap, which is the mainstream way to rank cryptocurrencies. China’s Center for Information Industry Development (CCID) publishes a list of cryptocurrency rankings every month, with its fourth edition just released.

The CCID list ranks 33 cryptocurrencies and it has generally been adding one or two new coins to the ranking system every month. It creates a score for each cryptocurrency based on technology, application and innovation.

Its current rankings are #1 EOS, #2 Ethereum, #3 Komodo, #4 Nebulas, #5 NEO, #6 Stellar, #7 Lisk, #8 GXChain, #9 Steem, #10 Bitcoin, #11 Waves, #12 BitShares, #13 Stratis, #14 Cardano, #15 Ark, #16 Ripple, #17 Qtum, #18 Verge, #19 Ethereum Classic, #20 NANO, #21 NULS, #22 IOTA, #23 Monero, #24 Sia, #25 Zcash, #26 Dash, #27 Bytecoin, #28 Tezos, #29 Bitcoin Cash, #30 Hcash, #31 Litecoin, #32 Decred, and #33 NEM.

At the top of China’s crypto list is EOS which only has a market cap of USD 4.3 billion and rapidly dropping relative to other cryptocurrencies, unlike CoinMarketCap which shows Bitcoin as #1 with a market cap of USD 111 billion. Despite Bitcoin’s maturity and widespread adoption, the Chinese crypto ranks only show Bitcoin as #10. The CCID does say that Bitcoin is the leading crypto when it comes to innovation but apparently falls far short in application and technology, according to it.

EOS is marketed as Ethereum for commercial applications. It has not been seeing widespread use and its price has been crashing. Ethereum has by far more popularity and usage than EOS, yet is ranked behind EOS on the CCID list. EOS is known for being partially centralized, with a team of block producers who do conference calls and who can freeze accounts and reverse transactions. This makes EOS very unpopular in most of the crypto world, but perhaps China prefers a cryptocurrency that has centralization, since block producers can be contacted to have accounts frozen. China has already banned Bitcoin trading for the CNY, due to fears that the decentralization of Bitcoin could undermine the Chinese government.

In general, the CCID list is entirely different from the CoinMarketCap list and subjective. Nevertheless, there will be those who believe the free market is excellent at choosing what cryptos are the best.

 

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