The crypto influencer has revealed the Chinese Ministry’s 2018 blockchain rankings. The altcoin revealed Ethereum’s dominance and Bitcoin’s lower ranking. Former top-ranked blockchains are now facing challenges as their market value has witnessed significant declines.
Altcoin Ethereum emerges as leading blockchain
One of the leading names in the crypto community, Mr. Huber sparked a Twitter conversation by reviewing the 2018 report of the Chinese Ministry of Truth, with a surprising explanation. The report was published by the CCID Research Institute of the Ministry of Industry and Information Technologies. Accordingly, it introduces the Global Public Blockchain Technology Assessment Index. This index evaluates multiple cryptocurrency projects based on their technological prowess, viability and innovation potential.
The best blockchains in the world according to the Chinese Ministry of Truth. https://t.co/IMSCsnFEXx pic.twitter.com/nb9nvCKFYt
— Mr. Huber🔥🦅🔥 (@Leerzeit) June 22, 2023
At the top of the rubric of crypto projects was Ethereum, a second-generation blockchain renowned for its smart contract capabilities. Ethereum achieved an impressive technology evaluation index of 129.4. Accordingly, it solidified its position as the leading blockchain. Those who follow him closely are altcoin Steem Chain, Lisk, NEO and altcoin Komodo. Surprisingly, Bitcoin, which has been the focus of the industry for a long time, modestly ranked 13th.
Market challenges for legacy top-line projects
The comprehensive assessment takes into account key aspects such as basic technical level, application level and innovation capability when ranking projects. However, it turns out that many of these projects are struggling to withstand the ups and downs of the crypto market. Projects listed by the Chinese Ministry of Truth five years ago continue to be traded on the market. Most suffered a significant drop in their billion-dollar market share.
For example, the altcoin Steem Chain, which closely follows Ethereum in the ranking. Accordingly, it had a market capitalization of over $1.5 billion in January 2018. Unfortunately, the market cap of the cryptocurrency currently hovers around $75 million. On the other hand, it ranks 300th among the most important crypto projects. Similarly, Lisk and Komodo coins have a market capitalization of well below $100 million. However, altcoin Ethereum retained its top spot with a market cap of $228 billion.
cryptocoin.com On the whole, the reveal of the Chinese Ministry’s 2018 blockchain rankings highlights Ethereum’s dominance and Bitcoin’s less favorable position. We remembered the old top altcoin group. These cryptocurrencies are facing challenges as they experience significant drops in their market value. On the other hand, it highlights the volatile nature of the cryptocurrency market.
