Bitcoin has dropped to 17th place when the Chinese government revised its official cryptocurrency rankings.
China's Center for Information Industry Development (CCID), under the Ministry of Industry and Information Technology, has released the second edition of its state-endorsed cryptocurrency and Blockchain ratings.
Chinese altcoin EOS topped the second monthly Global Public Chain Technology Evaluation Index, which consists of 30 crypto projects.
The index was launched last month, with 28 projects listed in it. EOS and Nebulas were added in the June edition.
Ethereum, which was rated No. 1 in the inaugural edition, fell to second place in the second index. Another Chinese cryptocurrency, NEO, came in third, while fourth and fifth places went to Steller and Lisk respectively. Bitcoin has dropped four steps from last month's 13th place.
CCID said that its Public Chain Technology Assessment Working Group has made some changes to the ranking structure of the index: "The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added".
All major cryptocurrencies, including Ethereum, Litecoin, Monero, NEO, QTUM, Ripple and Zcash, are rated.
The CCID Network had said in a press release last month that it was bringing out Global Public Chain Technology Evaluation Index in the absence of a "completely independent assessment/rating" for crypto assets and blockchain projects.
The Chinese government is issuing cryptocurrency rating index despite the fact that cryptocurrency trading and Initial Coin Offerings (ICO) are banned in the country.
by Joji Xavier
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