ByBit
0
🤷 Opinions
1227 views

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?

  • Jack Thomas
    🤷 Opinions

    Very anti-cryptocurrency, China has seen one of its agencies come out and praise EOS and Tron as the best crypto assets

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?
Cover image via u.today
Contents

When it comes to China and cryptocurrencies, the association is usually a negative one. The Socialist Republic has made it clear that they are distrustful of cryptocurrencies, preferring to focus in on the blockchain technology.

However, there has been news out of the country that the Center for Information and Industry Development (CCID) under China’s Ministry of Industry and Information Technology has rated EOS and Tron highly in several categories, including applicability and technology.

This is big news for China, as well as cryptocurrencies which are rivals to Ethereum, as it shows the direction in which the savvy Chinese are looking, when they are looking at cryptocurrencies. Ethereum has been under a lot of scrutiny recently, and in 2019, the platform is not offering what countries like China are looking for.

It will be interesting to see just how much this focus on EOS and Tron helps boost the cryptocurrency prices, as it is clear that the Chinese are looking for a blockchain platform that dApps can be built upon, making blockchain technology more applicable and useful.

A new wave of blockchain applications?

The Chinese case study is an interesting one to take note of because they are traditionally very forward-thinking with their technology and are often pioneers. Many still believe Bitcoin is the only relevant and useful cryptocurrency, but the Chinese disagree.

On the list, Bitcoin comes in 13th, while the top three are all smart contract blockchains, with third place going to Ethereum. However, the fact that there are smaller projects that haven’t been around as long as the second-rated crypto by market cap, indicates that there is an identification of improvement.

EOS and Tron are so highly rated by the Chinese because they are able to maintain a large transaction capacity due to the structure of the network that relies on a group of nodes called Super Representatives, which play a vital role in Tron’s Delegated Proof of Stake (DPOS) consensus mechanism.

Boost for EOS and Tron Prices?

If this recommendation from the Chinese Agency holds any weight in the country and allows for more blockchain developers to work with these platforms, there is a huge untapped market available that could boost the price of both Tron and EOS.

China has been looking more and more at its own blockchain solutions and projects, but this represents a big thumbs up for these two platforms, and if they are accepted in China, there will be a huge spike in demand, and as such, a big spike in price can be expected.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
603 views

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

👉MUST READ

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

👉MUST READ

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted