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EOS, TRON (TRX) Take Top Spots in Chinese Blockchain Rankings

Chinese Blockchain Rankings EOS TRON TRX

EOS has retained its top position in the latest update of China’s cryptocurrency rankings, with Bitcoin slipping all the way to 12th place.

Chinese Blockchain Rankings

The government sponsored index, from the Chinese Center for Information and Industry Development (CCID) Research Institute, claims to evaluate the top 35 public blockchains based upon technology, application and innovation. While EOS has held the top spot since June 2018, its decentralized application (DApp) competitor TRON is gaining in the rankings. According to the CCID evaluation, TRX is the second overall ranked cryptocurrency project, with Ethereum, STEEM and Ontology rounding out the top five.

Bitcoin, despite being in the industry leader in both market dominance and capitalization, has slipped all the way to the twelve position in the most recent update.

Given the position of EOS, TRON and Ethereum, the Chinese researchers appear bullish on the outlook of decentralized applications,

“The results show that the world’s three major Dapp platforms EOS, wave field, Ethereum remain ranked in the top three, the scores are 148.5, 144.1 and 136.6, respectively, the first camp comprehensive index score leading.”

Given the relationship between the Chinese government and cryptocurrency, investors have been wary of research put forth by the CCID. Not only has China cracked down on Bitcoin and altcoin trading, in addition to stamping out ICOs, but there are rumors of a cryptocurrency ban forthcoming.

However, the CCID has positioned its research as an evaluation of the underlying blockchain technology for each project, rather than an analysis of digital assets to be invested in–such as the reports provided by Weiss Crypto.

Nonetheless, traders responded favorably to the news of EOS’s continued dominance in the rankings, with the coin rising more than 34 percent since its publication on May 23. While the overall crypto markets are experiencing a contraction on the day after Monday’s bullish rally, EOS has managed to post an 8 percent increase as of writing. EOS is narrowing the gap between itself and fourth-ranked cryptocurrency Bitcoin Cash, which could lead to the latter being flipped in the market cap rankings by the end of the week.

TRON TRX Gets a Boost

TRON also benefited from the vote of confidence by the Chinese Research Institute, with the currency rising 38 percent since its publication. TRX also received a jolt of investment interest following a cryptic tweet put forth by TRON Founder Justin Sun, who claimed to have ‘amazing’ news in the works for TRX and its closely associated BitTorrent Token.

“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT”

Despite being sparse on details, traders pumped the price of TRON in anticipation of Sun’s new development, which the TRON Foundation CEO claims to share with the community after the start of next month.

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EOS Block.One Buyback Equals 6500% ROI for Early Investors

EOS Block.One Buyback 2019

Block.One, the blockchain-based parent company behind fifth largest cryptocurrency by market capitalization EOS, has announced a buyback in shares for early investors that will constitute over 6500 percent in returns.

After raising a record-breaking $4 billion in the EOS token sale, the startup is looking to give some significant return on investment back its original investors. Among the early backers are a slew of billionaires and powerful players in Silicon Valley, including Peter Thiel, Alan Howard and Louis Bacon.

The Block.One buyback is purported to return as much as 6,567 percent to early investors, a stunning ROI even for Thiel who co-founded PayPal. As Bloomberg put it, a $100,000 stake in Block.One would translate to $6.6 million in the buyback–numbers largely unheard of in the traditional markets and doubly impressive given the crypto winter for coin prices throughout 2018.

Tom Shaughnessy, co-founder of crypto research firm Delphi Digital, told Bloomberg that EOS is “very much the odd one out in the crypto market,” owing the coin’s performance throughout last year’s bear cycle. While the majority of coin projects experienced losses of 90 percent or more, EOS fell close to 70 percent from it’s all-time high in April 2018. The currency is also up 125 percent since the start of 2019, compared to Bitcoin’s 90 percent rise during that same time.

While Block.One’s EOS has positioned itself as a cryptocurrency solution of the future, with plans to launch a social media platform later this year, some analysts have begin to question what the company is doing with the billions under control. In February, Bloomberg reported obtaining a letter to shareholders claiming that the company held $3 billion in cash and investments, with most of the holdings being invested in U.S. government bonds.

In the same letter, Block.One claimed that market volatility throughout 2019 had severely impacted its cryptocurrency portfolio, cutting it in half to $500 million. While coin prices had experienced some uptick since the beginning of the 2019, February was still in the throes of the crypto winter with sentiment towards digital assets at a relative low.

Interestingly, Block.One also claimed to hold 140,000 BTC in its cryptocurrency portfolio, making it one of the largest holders holders of Bitcoin in addition to its massive position in EOS. With coin prices across the market rising markedly since the start of April, the company issued an email this week stating their cryptocurrency losses were “more than fully recovered.”

Richard Burton, founder of San Francisco-based Balance.io, commented to Bloomberg,

“[Block.One] designed a very clever mechanism to hoover up as much capital as possible. Bitcoin was started on a shoestring and Ethereum raised just a few million dollars, which goes to show you don’t need anything like the money Block.one raised to launch and scale a successful network. It should be beholden on them to explain why they needed that much and what they are doing with it.”

During its 2017 seed round, Block.One was valued at $40 million. Now, following the announcement of a 10 percent buyback, the company’s stock is valued at $2.3 billion, constituting a repurchase of $1500 per share versus the $22.50 early investors paid.

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Weiss Ratings Ranks XRP, EOS, Bitcoin As Top Cryptocurrency Projects

XRP EOS Bitcoin Weiss Rating

Weiss Crypto Ratings has published its annual outlook report on industry and market trends for cryptocurrency. According to the report, XRP, EOS and Bitcoin are the top three cryptocurrencies on the market in terms of technology and adoption.

Among the salient points reviewed in the report, Weiss was quick to point out that adoption for cryptocurrency remains high and on the rise, despite lingering coin prices, particularly through the first three months of the new year,

“Since prices have fallen so dramatically, many people assumed that real-world adoption of cryptocurrencies must have done the same. But the data shows this isn’t the case. An important segment of the industry enjoyed remarkable growth in on-chain transaction volume, network capacity and network security, often powered by an evolution in the underlying technology.”

The report went on to rank the top 10 cryptocurrencies with the “best combination of technology and adoption.” XRP took first place, with EOS and Bitcoin rounding out the top 3. Ethereum, Cardano, Steem, NEO, ZCash, Litecoin and Stellar also placed in the top 10 for the Weiss rankings. Although the Weiss ranking did not take into account investor risk and reward when issuing their rating, they did analyze tech/adoption as an indicator for long-term investors, in addition to the impact of more short-term factors.

Weiss found XRP, EOS and Bitcoin to be the three cryptocurrencies most likely to dominate in both the near and long-term, stating,

“XRP is best positioned to compete with SWIFT; EOS is the leading cryptocurrency challenging Ethereum; and Bitcoin is the most likely to become a popular store of value for savers and investors.”

Weiss ratings founder, Marin D. Weiss, explained that his company analyzed the growth rate for cryptocurrency over the last year and found a massive boost in transaction volume and network capacity, even through falling coin prices throughout 2018,

“Despite lower prices since early 2018, our ratings model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security. Equally important is our finding that these improvements are often powered by an evolution in the underlying technology.”

According to the analysis published in the Weiss report, which examined the growth of daily user transactions between February 2018 and February 2019, top ten cryptocurrencies EOS and TRON both made substantial gains. EOS saw its daily user transactions rise from 7 thousand per day to 4.8 million, with TRON seeing a similarly meteoric rise during that timespan of 3 thousand to 1.9 million. WAX coin and Bitshares also made substantial leaps in daily volume, with the former jumping from essentially zero to 4.4 million.

Weiss also reports that EOS is the top cryptocurrency in terms of on-chain transaction volume, with 14 times the daily use of Bitcoin and eight times that of Bitcoin. As Weiss outlines in the report, “not all transactions are equal in quality,” but finds that other metrics contribute to EOS rapidly becoming “an important player in the industry.”

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EOS Price Analysis: Gearing Up for a Test of Support

EOS has been trading inside a range visible on the 4-hour chart, bouncing off support around 7.0000 and finding resistance at 9.2500. Price was rejected on its latest test of the top and might be due for another move to the bottom.

For now, EOS is hovering at the mid-range area of interest, where some buyers appear to be defending the floor. The 100 SMA is also in line with this area of interest and might continue to hold as dynamic support.

However, this shorter-term SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. In other words, the drop is more likely to carry on than to reverse. The 200 SMA is holding as dynamic resistance as well.

Then again, the gap between the moving averages is narrowing to signal slowing bearish pressure and a potential upward crossover. If that materializes, bullish pressure could kick in and might even be strong enough to spur a break of the top. The resulting rally could be of the same height as the range.

RSI is pointing down to reflect some selling pressure but is also moving sideways at the middle of its range, reflecting further consolidation. Stochastic is heading lower to show that sellers have the upper hand and could be strong enough to push for a move back to the floor or lower. A break below support could also lead to a drop that’s the same size as the range.

Cryptocurrencies have had a good run at the start of the month and also last week when institutional interest put the spotlight back on the industry. However, bitcoin appears to have left most of its altcoin rivals eating dust as it rakes in more of the gains in anticipation of the SEC decision on a bitcoin ETF.

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