Bitcoin Drops In Rating According To CCID, What’s The Reason Behind It?

The China Electronic Information Industry Development (CCID) released its new ranking on cryptocurrencies for this month where more than 30 crypto assets were rated including Ethereum, EOS, TRON, Bitcoin and Ontology. In the latest altcoin news, we see how the digital currencies did and where they are on the list.

The most shocking ranking turns out to be the one of Bitcoin which dropped from 13^th to 15^th place in just a month while TRON climbed up the ladder and it’s now on the second position. EOS stays on the top and Etehreum is at the third position.

Many investors and traders were surprised to see that Bitcoin dropped a couple of places but they should know that the criteria CCID uses is not the general opinion of the public but the they are trying to find the best blockchain projects according to them.
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EOS, TRON and Ethereum are all dApp-focused blockchain networks which make possible for all of the developers to build decentralized apps by using the blockchain technology. According to the official statement of the CCID published two days ago, the blockchain networks should support dApps that are higher on the list rather than those who are further below, based on its criteria.

Many governments are now experimenting with blockchain technology and aim to run services on the public ledger. For example, China’s Ministry of Civil Affairs expressed their plans on implementing blockchain technology:

 “Build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.”

Due to Bitcoin’s hashrate, it is still the most reliable blockchain network on the market. Given the time that bitcoin has been on the market, investors can’t cope with the fact that bitcoin is ranked 15^th and cryptocurrencies with two-year experiences are above it.

BTC still remains as a cryptocurrency that sees an increase in hashrate despite the prolonged bear market. As for its historical performance, this data is not including in the parameters of the CCID. The CCID usually sees the dApp and scalabilty-focused networks so this could be one of the reasons why Bitcoin is down on their list.

The ranking does not provide a good-enough contexts for investors to make decisions and to track the performance of the cryptocurrencies.