The year 2018 has been a dreadful year for the cryptocurrency market, as most major currencies saw a sharp downfall in prices. The rough phase continues to overshadow cryptocurrencies. Amid such gruesome times, a ranking from China might shed some light on the position of cryptocurrencies in the market.
The tenth update of the crypto project rankings was released on Tuesday by the Centre for Information Industry Development (CCID), which comes under China’s Ministry of Industry and Information Technology. It is the second update of 2019, evaluating 35 crypto projects, the only addition from the last evaluation reportedly is Tron (TRX).
The published update portrays Tron as a low-level public chain with high throughput, high expansion, and high reliability. The center also describes Tron as compatible with Ethereum smart contract. It also claims that the chain transactions are more active and that Tron now has over 200 Dapps. As per the ratings, the total evaluation of Tron is marked at 145.6 making it the second highest.
The CCID further explained that the current evaluation is based on three primary indicators, viz, basic technology applicability and creativity. However, the weight of the creativity indicator currently used for evaluation has been increased. The update report also suggested that projects which have shown the most improvements are Nano, Verge, and Qtum.
The top five places in the ranking of public chains for basic technology category are held by EOS, Tron, Bitshares, Gxchain, and Nano. This category evaluates the technical realization of a public chain, scrutinizing its function, performance, safety, and decentralization.
Bitcoin is now positioned at 13th on the list, which is an improvement from the 15th position it held in the earlier evaluation. However, the top five projects in the applicability category are occupied by Etherum, NEO, Nebula’s, Tron, and Ontology.
The applicability category, as per the report, evaluates the level of support for practical applications, which include node deployment, wallet applications, development support, and application implementation.
Nonetheless, Bitcoin grabbed the first place in the creativity category, which aims to grade tireless innovation in the public chain, including the number of developers, code updates and code impact. In the creativity category, Bitcoin was followed by Ethereum EOS, Lisk, and Tron.
Lowest position in the ranking is now taken by NEM (XCM), which lost its higher position to major altcoin Litecoin EOS, has been ranking first in all the three categories since June 2018. It is currently the fourth largest cryptocurrency in terms of market cap, accounting for $3.2 billion.
It can be deduced from the report that though it is the debut for Tron in the Chinese government’s crypto rankings, it has managed to acquire a respectable position in almost all the categories. Tron (TRX) is currently the 9th largest digital coin in terms of market caps, though it has been struggling to resist the bears for quite some time. It has a total market cap of $1.5 billion, and as of date is valued at $0.0237. In the past seven days, Tron has lost 4.63% in value.