Glitch? China’s Rankings Very Different from CoinMarketCap
Usually, people check CoinMarketCap as the normal means of obtaining knowledge on the ranking of cryptocurrencies. For this month, the CCID, which is the Chinese Center for Information Industry Development, has thrown a list with very different values than the original one posted on CoinMarketCap. This marks the fourth CCID edition release.
On the CCID list, they rank the first thirty, highest ranking cryptocurrencies, and they usually support a couple of new coins that have been doing well by including them in the monthly ranking list. Scoring here relies on creativity and practicality.
The current ranking on the CCID website puts EOS on top, followed by ETH in the second place, then Komodo and Nebulas as third and fourth. Then, it follows with NEO as number five, then, Stellar and Lisk, and the eighth and ninth positions go to GXChain and Steem, respectively, concluding the top ten with BTC as number 10. Then the list goes down starting with Waves as number 11, then Bitshares as number 12, then Stratis, Cardano, and Ark as number 13, 14, a 15. On the 16th place, we have Ripple, followed by Qtum, Verge, ETH Classic, then NANO at the end of the top 20.
On the other end of the spectrum, the 21st position goes to NULS, followed by IOTA as 22nd, then Monero, Sia, Zcash, Bytecoin as number 27. Then it summarizes with Tezos at the 28th, BTC Cash, Hcash, LiteCoin, Decred, and then the last number 33, NEM.
The main, notable difference here is the CCID listing EOS as the 1st one when their market capitalization is only $4.3 billion, which is nowhere near BTC’s $111 Billion market capitalization value. On the other hand, CoinMarketCap list BTC as the number one. The CCID support their ranking by saying that although BTC is a more mature crypto, it is flawed when it comes to technology and application, and deserves no more than the 10th position.
On top of that, ETH, which has become more popular than EOS, however is ranked less than EOS. Note that EOS is a currency which has been falling in terms of usage and popularity as the price dropping.
One way to look at it is the possibility that China finds a more centralized currency better in the long run. As EOS is centralized for the most part, and the block producers have access to reverse payments and freeze accounts if needed.
In fact, BTC is banned in China as they fear the ecosystem of BTC can prove to disrupt the current financial ecosystem of the government.
All in all, the differences between the two lists might show that CCID are taking a more subjective approach, but it has been proven for the last while that the free market, too is sufficient when it comes to choosing the best cryptocurrency to deal with.