China’s Ministry of Industry and Information Technology released a ranking sheet today for cryptocurrencies. This comes after its announcement of publishing a monthly “independent analysis” on May 12th at a conference in Beijing.
The ratings are based on three sub-indices, namely, technology, application, and innovation. The top 6 coins all ranked above 100 on the index, with Stellar Lumens [XLM] at number 6 barely making the cut at 100.7 points.
The top currency on the rating is Ethereum [ETH], with a total score of 129.4. This can largely be attributed to its technology score of 80.3, the second highest out of the top 15. It’s application and innovation scores come in at 23.7 and 25.4 respectively.
Steem [STEEM] is second on the list, with a technology score of 82.6 and a total score of 115.9. It was dragged down by its lackluster application score of 9.4 and rested at an average score of 23.9 for innovation. Lisk [LSK] followed close behind with a score of 104.8. Its highest score was in technology, with a 64.4. The application and innovation scores were 20.9 and 19.5 respectively.
Surprisingly, Bitcoin [BTC] was placed in the 13th position out of the 28 coins taken for research. It was tied for this position with Verge [XVG], with each having 88.1 as their overall score.
This position puts Bitcoin squarely in the middle of the pack, which is not an impressive showing for the first cryptocurrency. Bitcoin demonstrated an abysmal showing for its technology score, with a measly score of 39.4.
Its application points were also on the lower side, with a score of 13.1. Scalability issues might have been what held it back from a higher position. It undisputedly held the first position in the innovation index, with a score of 35.6.
Verge, on the other hand, had a technology score of 66.1 and an application of 10.9, with an 11.1 for innovation. Other significant coins on the list included NEO, at position #4 with a score of 103, Stellar Lumens [XLM] at #6 with a score of 100.7, Cardano [ADA] and IOTA [MIOTA] at #7 with a tied score of 98.2 and Monero [XMR] at #9 with a score of 92.6.
Other coins that were not on the top 15 include Ethereum Classic [ETC] at #16, Ripple [XRP] at #17, Litecoin [LTC] at #21 and Bitcoin Cash [BCH] at #25.
Many experienced investors questioned the credibility of the list, as evidenced by the Twitter storm that took place after the release of the list.
User Hristo H. said:
“The fact that #verge is even on the list, shows how credible this list really is haha”
User mickaphd said:
“What a joke! Chinese humor maybe!”
“They rated $xvg technology higher than $btc technology?”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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