Just last week we talked about the market resiliency, but last Friday it just couldn’t hold the upward trend anymore and cryptocurrencies took a steep fall. At the moment of writing this article, the market had lost $89.79 billion USD compared to last week, for a total capitalization of $382.47 billion USD.
At the same time, the major cyptocurrencies turned red in the last few days. At the moment of writing this article, however, the market was slightly recovering, but still far away from turning gains for the week:
It happened that China’s Ministry of Industry and Information Technology issued a statement ranking the major cryptocurrencies based in three specific factors:
According to these parameters, this was the Top-5 final ranking:
Ethereum got the best grades in all three parameters, while Bitcoin rated poorly in the technology and application areas. The article underscored the second generation Blockchain technology, in which Etheruem excelled.
That's why Bitcoin ended up in the 13th place among the 28 cryptocurrencies the Chinese government took into account as the most important for the Global Assets Market.*
In this regard, Danny Masters, CEO of CoinShares --a UK-based crypto investment products and research service provider-- told CNBC that Bitcoin will get back to the $20,000 USD mark once its technological ecosystem experiences new structures.
By Omar Cortés
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