Xi’s Blockchain endorsement started a massive buying frenzy in the country especially for Chinese cryptocurrencies following the latest announcements made on Tuesday aiming to make the country the leader in the emerging field of blockchain as we read in the previous blockchain news.
Just a few days after the announcement that was warmly welcomed in the crypto community, the country passed a cryptography law in preparation for the release of China’s own digital currency and this was a move made by the Chinese Communist Party that led the market participants to start buying.
It took some time before the entire market really understood the seriousness of China’s latest moves. The leading Chinese cryptocurrencies posted strong gains in both US and BTC pairs. The rally lasted only until early morning Monday in Beijing before profit-taking started. For example, the Chinese cryptocurrency EOS, surged and climbed above $13 on Monday and posted an increase of more than 46 percent in two days against the US dollar. NEO also performed very well against Bitcoin climbing by more than 40 percent in 48 hours. The price later retraced over the last 14 hours but it is still up since October 26.
It’s the same for Qtum. The China-based blockchain project also skyrocketed by more than 50 percent in a matter of days. Against Bitcoin, Qtum grew by more than 40 percent in the same time period. TRON (TRX) followed. The decentralized platform by Justin Sun rose by more than 30 percent against the US dollar in the past two days before the rally faded. In the BTC base pair, TRON ascended by more than 30 percent.
Some other Chinese coins also performed well with their BTC pairs. For example, Ontology increased by more than 70 percent, Nebulas increased by over 56 percent and HyperCash grew by more than 37 percent between October 27 and 28th. Many believe that the renaissance of Chinese cryptocurrency is nothing spectacular and it is only because of Xi’s blockchain endorsement comments. However, the trader and economist Alex Kruger disagrees. Mati Greenspan, the senior market analyst at eToro, also shares Kruger’s opinion as he said:
‘’Yes, the excitement is definitely warranted. The President of China just said he wants to embrace blockchain. These are the leading Chinese compliant blockchains right now.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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