China’s Ministry of Industry and Information Technology released a ranking sheet today for cryptocurrencies. This comes after its announcement of publishing a monthly “independent analysis” on May 12th at a conference in Beijing.
The ratings are based on three sub-indices, namely, technology, application, and innovation. The top 6 coins all ranked above 100 on the index, with Stellar Lumens [XLM] at number 6 barely making the cut at 100.7 points.
The top currency on the rating is Ethereum [ETH], with a total score of 129.4. This can largely be attributed to its technology score of 80.3, the second highest out of the top 15. It’s application and innovation scores come in at 23.7 and 25.4 respectively.
Steem [STEEM] is second on the list, with a technology score of 82.6 and a total score of 115.9. It was dragged down by its lackluster application score of 9.4 and rested at an average score of 23.9 for innovation. Lisk [LSK] followed close behind with a score of 104.8. Its highest score was in technology, with a 64.4. The application and innovation scores were 20.9 and 19.5 respectively.
Surprisingly, Bitcoin [BTC] was placed in the 13th position out of the 28 coins taken for research. It was tied for this position with Verge [XVG], with each having 88.1 as their overall score.
This position puts Bitcoin squarely in the middle of the pack, which is not an impressive showing for the first cryptocurrency. Bitcoin demonstrated an abysmal showing for its technology score, with a measly score of 39.4.
Its application points were also on the lower side, with a score of 13.1. Scalability issues might have been what held it back from a higher position. It undisputedly held the first position in the innovation index, with a score of 35.6.
Verge, on the other hand, had a technology score of 66.1 and an application of 10.9, with an 11.1 for innovation. Other significant coins on the list included NEO, at position #4 with a score of 103, Stellar Lumens [XLM] at #6 with a score of 100.7, Cardano [ADA] and IOTA [MIOTA] at #7 with a tied score of 98.2 and Monero [XMR] at #9 with a score of 92.6.
Other coins that were not on the top 15 include Ethereum Classic [ETC] at #16, Ripple [XRP] at #17, Litecoin [LTC] at #21 and Bitcoin Cash [BCH] at #25.
Many experienced investors questioned the credibility of the list, as evidenced by the Twitter storm that took place after the release of the list.
User Hristo H. said:
“The fact that #verge is even on the list, shows how credible this list really is haha”
User mickaphd said:
“What a joke! Chinese humor maybe!”
“They rated $xvg technology higher than $btc technology?”