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Ethereum (ETH) Ranked #1 In New Chinese Government Ratings
The Chinese government has been known to have ordered a total ban on all cryptocurrency related activities in its jurisdiction. Every crypto from Bitcoin (BTC), Ethereum (ETH) and lesser coins was targeted in the ban that shook the crypto-verse last year and early this year. This attempt by the government was seen by many Crypto-enthusiasts as being unfair and perhaps a precursor for the authorities to issue a digital form of the Chines Yuan to further guarantee the currency as being a better stabler option to the regular crypt out there. This has not yet materialized but the Chinese authorities are now ranking cryptocurrencies.
In the new rankings that have just been released by the Ministry of Industry and Information technology, Ethereum (ETH) scored 129.4 in an assessment index by the ministry and due to its smart contract capability. The evaluation of the cryptocurrencies focused on the technical proficiency of the cryptocurrencies; the corresponding platforms that they offer; the application level of each; and their availability to the users.
Analysts were quick to add that the Chinese government rankings overlooked factors such as the track records of the cryptocurrencies to come up with the list. This then explains why Bitcoin (BTC) was ranked #13 even if it is the oldest and most popular of the bunch.
Below is the complete list from @cnLedger from Twitter:
Source, @cnLedger
To note is the number 16 to 25 rankings below the main table in the screenshot above.
The rankings by the Chinese officials could also prove what many Cryptocurrency enthusiasts have been saying with respect to Ethereum ‘dethroning’ Bitcoin (BTC) from the top due to its superior qualities and functions. Roger Ver, also known as ‘Bitcoin Jesus’ had expressed a similar opinion a week ago and had this to say:
“I see it happening, and I believe it’s imminent. Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before 2020.”
Bitcoin has enjoyed the spotlight for the last few years due to the fact that it was the first cryptocurrency in the markets. It also introduced us to blockchain technology and the concept of decentralization through its creator, Satoshi Nakamoto. What remains to be seen is the ‘flippening’ of Bitcoin by Ethereum.
Flippening is defined as the act of one lesser known or less dominant cryptocurrency, gaining prominence over another formerly dominant coin with time. In this case, Ethereum will be the one flippening Bitcoin.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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