Bitcoin remains out of the Chinese Institute’s Top 10 Cryptos as corporate adoption grows

China’s Center for Information and Industry Development (CCID), an organization under the country’s Ministry of Industry and Information Technology, has released its 20^th rankings of crypto and bitcoin projects is still out of the top 10.

According to Bitcoin.com, out of a total of 37 cryptocurrency projects ranked based on underlying technology, applicability and creativity, the flagship cryptocurrency failed to make the top 10 despite garnering some rankings, while the top four positions went to EOS, Ethereum,. IOST and TRON.

Bitcoin, however, has risen since 14^th position and is still above other well-known cryptocurrencies.

Dash reportedly replaced NEO to enter the top five, followed by BitShares and Cosmos. Bitcoin arrived 11^th placed due to a rather low score in “core technology”, which falls under most other cryptocurrencies here. As far as applicability is concerned, BTC’s score was also lower than most other cryptocurrencies, despite its growing adoption.

The CCID revealed that the core technology sub-index accounts for 65% of the score, while the applicability sub-index is 20%, with the remainder going to creativity. The report came out when the price of bitcoin broke $ 17,000 apparently thanks to a weaker US Dollar Index (DXY) and market sentiment at “extreme greed” levels.

The price of bitcoin has likely benefited from growing corporate adoption and PayPal’s new service that allows users to buy, sell and hold cryptocurrencies on its platform. The service is currently only available to users in the United States and supports BTC, BCH, LTC and ETH.

According to a website that monitors the use of bitcoin in companies’ cryptocurrencies, 15 publicly traded companies now have exposure to BTC and some have seen their investments appreciate significantly since they bought the cryptocurrency.

MicroStrategies’ $ 425 million bet on the flagship cryptocurrency, for example, saw it buy 38,250 BTC, which are now worth over $ 640 million. Similarly, Square’s $ 50 million is now $ 78 million. Some of the other publicly traded companies with bitcoin exposure include BTC mining companies like Hut 8 Mining, Argo Blockchain, and Riot Blockchain.

Featured image via Pixabay.