Bitcoin may be the best-known cryptocurrency regarding popularity in searches on Google and even the high value per Bitcoin. The price of Bitcoin at the time of writing is $6445.71 with a market capitalization of $111,900,384,404. However the Chinese prefer other cryptocurrencies as opposed to Bitcoin, placing Bitcoin at 19th place in the China Electronic Information Industry Development (CCID) index.
The rankings were published at the 6th Global Public Blockchain Technology Assessment Index by the China Electronic Information Industry Development (CCID).
Bitcoin has fallen nine places since August. The world’s most famous cryptocurrency was 10th in August, 16th in September and now at a lower rank of 19th place.
As seen in the list below, EOS takes the top spot, with several other new Blockchain projects such as Nebulas which is known as the ‘Google of Blockchain’ ranking in at 4th place. Bitcoin slid to a ranking of 19th place, proving that the Chinese prefer newly launched Blockchain projects.
The CCID Index has a total of 33 public Blockchain projects and bases the rankings in terms of technology, application, and creativity.
One reason for Bitcoin’s fall in rate could be the low adoption as a cryptocurrency being used for payments due to scalability issues, and the fact that it cannot create decentralized applications. No wonder EOS and Ethereum dominate the rankings on the CCID index given it’s the preferred platforms for dApp development.
Ripple which has been dominating in the cross-border transaction space with rapid partnerships is seen to rank in at 7th position.
While Bitcoin Cash, which is the hard forked version of Bitcoin is seen to be lower down the table at 31st rank. It will be interesting to see what the November 15th fork of Bitcoin Cash will result in its ranking.
The CCID ranks cryptocurrencies every month. The CCID analyst team consist of experts from the CCID Blockchain Research Institute and CCID ThinkTank which is a subsidiary of the China Electronics and Information Industry Development Institute, and the China Software Testing Center.