China Crypto Index: Bitcoin Drops Further to 19th Position in October Ranking

China Crypto Index: Bitcoin Drops Further to 19th Position in October Ranking

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A recent report made it known that bitcoin has dropped further on the most popular blockchain technology index. The monthly Global Public Blockchain Technology Assessment Index has placed bitcoin on the 19th position. This is two points below what the rank was for bitcoin in September. The ranking result was published by the China Electronic Information Industry Development (CCID).

Bitcoin Ranked 19th on the CCID List

The report made it known that this ranking was done with several factors considered. Each project is been judged based on its technological merits (underlying technology, applicability, and creativity), as well as its community acceptance.
The October ranking has EOS topping followed by Ethereum. The total number of blockchain project judged by the index is 33. Going by this, Bitcoin has failed in some key technological aspects.

The index ranking shows that bitcoin has an index point of 92.5 thus placing it at the 19th position. It should, however, be noted that bitcoin is 12 places ahead of its forked version— Bitcoin Cash, which was designed to be a better version of the network. Bitcoin Cash was paced at the 31st position.

Bitcoin is Still Dominant

A report has made it known that Bitcoin is struggling greatly with the fact that payment confirmation on the network is still quite slow. This has made it a less attractive payment solution compared to other advanced networks. There has also been the previous report of a drop in bitcoin’s adoption, especially when taking settling payments or creating decentralized applications (Dapp) into consideration. A report also made it known that the blockchain project is currently relying on a third party solution to fix its prevailing scalability issue. All these factors have been pointed at to be responsible for bitcoin’s drop in ranking.

Importantly, bitcoin is still the most popular crypto and also the most dominant in terms of trading volume and overall adoptions. For Creativity, bitcoin was given an index point of 34.6. This is the highest on the list.