Bitcoin Remains out of Chinese Institute’s Top 10 Cryptos as Corporate Adoption Grows


China’s Center for Information and Industry Development (CCID), an organization under the country’s Ministry of Industry and Information Technology, has released its 20th crypto project rankings, and bitcoin is still out of the top 10.

According to Bitcoin.com, out of a total of 37 cryptocurrency projects ranked based on basic technology, applicability, and creativity, the flagship cryptocurrency failed to enter the top 10 despite gaining a few rankings, while the top four positions went to EOS, Ethereum,. IOST, and TRON.

Bitcoin has, nevertheless, climbed up from the 14th position and is still above some other well-known cryptoassets.

Dash reportedly replaced NEO to enter the top five, and was followed by BitShares and Cosmos. Bitcoin came in 11th place because of a rather low score in “basic tech,” coming in below most other cryptoassets here. When it came to applicability BTC’s score was also below most other cryptos, despite its growing adoption.

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The CCID has revealed that the basic technology subindex accounts for 65% of the score, while the applicability subindex 20%, with the remaining going to creativity. The report come out as the price of bitcoin broke $17,000 seemingly thanks to a weaker U.S. dollar index (DXY) and the market sentiment being at “extreme greed” levels.

The price of bitcoin has likely been benefitting from growing corporate adoption and PayPal’s new service that lets users buy, sell, and hold cryptocurrencies on its platform. The service is for now only available to users in the U.S. and supports BTC, BCH, LTC, and ETH.

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According to a website tracking bitcoin’s use in corporations’ treasuries, 15 publicly traded firms now have exposure to BTC,  and some have seen their investments appreciate significantly since they bought the cryptocurrency.

MicroStrategies’ $425 million bet on the flagship cryptocurrency, for example, saw it buy 38,250 BTC, which are now worth over $640 million. Similarly, Square’s $50 million are now $78 million. Some of the other publicly traded firms with bitcoin exposure include BTC mining firms like Hut 8 Mining, Argo Blockchain, and Riot Blockchain.

Featured image via Pixabay.

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