In a recent report regarding Crypto rankings updated on 31st July, CCID Institute of China rated TRON (TRX) at the 3rd spot among other 37 cryptocurrencies. The status of the cryptocurrencies is based on their technology, innovation, and application.
Making the list of top crypto’s, CCID take into accounts the three essential features of any crypto varying from the fundamentals to its vision and implementation of that crypto across various fields. All these crucial aspects combine to structure a ‘total value index,’ on behalf of which a digital asset is ranked.
This time around, the latest rankings changed significantly as EOS surprising overthrew Ethereum (ETH) for the first place, leading with 153.1 points. Tron (TRX) dropped to the third spot succeeding Ethereum which attained 148.6 points. While these new altcoins have shown power with their advancing technology, Bitcoin surprising captured the 11th place with 103 points.
Even though China banned cryptocurrencies back in 2017, it is not hard to say that China isn’t pro-blockchain. With time China’s interest in cryptocurrencies has increased. Recently, Huawei’s CEO Ren Zhengfei said that China should create its own crypto that should be backed by the state. Moreover, China is leading in the blockchain research filing ahead of the United States.
With things getting better in the crypto space, Tron looks to prove a point with its dominance in the ranking. Tron has gained the trust of Chinese authorities, and it appears that the increase in user case and the success of BitTorrent has played a crucial role in getting the concentration of Chinese poster project.
As Tron (TRX) made it to the third spot, there has been a lot of debate going around CCID favoring Chinese blockchain projects since Tron founder Justin Sun is allegedly going through an investigation process held under Chinese authorities.
Regardless that CCID has favored tron, Justin Sun has shown his hard work which has been the reason Tron ranks among top cryptocurrencies. At the time of writing, TRX holds the 12th spot with a market cap of $1.46 billion. The trading price of Tron stands at around $0.022 with a slight downward trend after going down by 1.52% in the last 24 hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.