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Bitcoin Drops In Official Chinese Ranking, New Winner Announced

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China’s Center for Information Industry Development (CCID), an organization affiliated with the Chinese central government, has issued a new official ranking of 30 cryptocurrencies in circulation where EOS ranks as the top cryptocurrency.

Source: iStock/Nuthawut Somsuk

In the report, EOS, the token of the EOS blockchain platform, is for the first time ranked on top, while the last month’s winner Ethereum this time received the number 2 spot.

Meanwhile, Bitcoin now is 17th, or four positions down compared to the previous ranking.

Now, the ranking, published in Chinese only, excluded EOS in its first edition published in May of this year, and instead awarded Ethereum the number 1 spot. According to a statement released with the first edition of the ranking, the objective of the ranking is to “evaluate the technological capability, the usefulness of the application and the innovativeness” of cryptocurrencies.

The new list of Top 10 cryptocurrencies includes 5 new tokens, while Komodo, Cardano, IOTA, Monero, and Stratis have lost their spots in this list.

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

Considering the amount of criticism EOS received following the launch of its mainnet earlier in June, the number 1 ranking likely came as a surprise for many cryptocurrency followers.

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

EOS went live with their much anticipated mainnet on June 15 after raising a whopping USD 4 billion through the longest-running ICO in history.

Since its peak at more than USD 20 in April, the EOS token has now lost about two thirds of its value, trading at around USD 7.8 as of press time.

EOS charts:

Source: coinmarketcap.com