Almost All Chinese Cryptocurrencies See Huge Price Gains: Analysis

Almost all Chinese cryptocurrencies saw some increase in price as of the events since last week and it seems like the news from China just keeps on coming. After China’s President Xi Jinping urged the country the embrace the usage of blockchain technology, the prices have gone through the roof as we reported earlier in the cryptocurrency news.

The overall market experienced a massive uptick initially but that wasn’t enough for the Chinese altcoins as some have continued to surge by the hour. Friday was among the best day for these assets when the president of China made the announcement that appears to have heavily impacted the industry. Since his comments, almost all Chinese cryptocurrencies received a price boost. According to Xi Jinping, the country should invest in blockchain technology because it will play a critical role in technology innovations and industrial revolutions.

The community was very quick to react and gains were spread out over the place. especially for Chinese projects. Most of the altcoins are surging against the USD but failed to do so against Bitcoin. NEO, Ontology, Qtum, and Bytom are all skyrocketing at the moment. Bytom’s increase is the most notable right now because it jumped by more than 75 percent against BTC and 85 percent against the US dollar. Ontology has risen by 40 percent against BTC and 45 percent against the dollar. NEO is trading at $11.71 having increased by 35 percent against the dollar and 27 percent against BTC.

These numbers may sound impressive, but these projects’ all-time highs are even higher. Bytom’s current price is down by 85 percent from its all-time high of $1.17. ONT is down by 90 percent from $10 and NEO has dropped by 94% from its all-time high of $196. Xi’s announcement regarding blockchain had a huge impact in other areas as well and it is still hard to say if that was the only reason for the price surge.

As reported previously on the increased interest in blockchain and bitcoin, The china-based multi-purpose app Wechat showed a huge increase of 1,200 percent for blockchain-related searches on the 25^th of October. There will also be a new cryptography law in the country from 2020.