China, through the Center for Information and Industry Development (CCID), has released its latest crypto rankings report. This becomes the 15th report from the agency which falls under the Ministry of Industry and Information Technology in China. This update has seen a few coins move from the previous position. For starters, Bitcoin has moved two positions up. It has also ranked EOS as the best cryptocurrency. Ethereum and Tron have come second and third respectively.
The agency looked at 35 projects judging them by their engagement, adoption, development, technology, and innovation. An average is derived from all these and a mean score awarded to the projects. Because of the diversity of the score Bitcoin is not number one. This is despite the fact that it is the most popular coin, most expensive and with the highest market cap and dominance. Over the years, Bitcoin has articularly failed in development and technology.
Bitcoin in this latest report has climbed two spots. This sees the oldest cryptocurrency climb from 11th to 9th. Another notable project on the ranking is Ripple. Despite its native token XRP being third based on its market cap, the Chinese ranking puts it at 18. In comparison to its rival XLM, it is 8 positions away.
According to the CCID, the reports and its main mandate is to better inform the government, institutions, and citizens about technological developments. Through research, it can better deliver and help its partners about cryptocurrency projects.
China Ranking Highly Controversial
In the past, the ranking reports have been criticized for being biased. According to many, the rankings have favored Chines crypto projects over other projects. For example, many have questioned why EOS has been ranked as the best project given its recent slack. Weiss Ratings an independent rating firm has repeatedly stated that Cardano is far more superior to EOS. But in the Chinese report, Cardano comes at number 29.
Regardless of the stand, it is another critical report that can help investors navigate and choose what projects and cryptocurrencies to back going into 2019.