After the eventful last week, news from China keeps coming in the cryptocurrency community. Ever since China’s president Xi Jinping announced that the country should increase its blockchain usage, charts went off the roof. The whole cryptocurrency market experienced a significant price surge but that isn’t enough for some of the Chinese projects in the market as some of them keep increasing by the hour.
Chinese Crypto Projects to The Moon
Friday, October 25th, was a day filled with optimism in the crypto market. The President of China made an announcement that appears to have a huge impact on the whole community. As per his words, the country should invest more in blockchain as it will bring more technological advancement and industrial revolutions.
The community was quick to react and gains were seen all over the place, especially throughout projects coming from China itself. While most altcoins are surging against the USD but failing against Bitcoin, Neo, Ontology, Qtum, Bytom, GXChain, which are all Chinese-based, are skyrocketing at the moment.
Bytom’s increase appears to be the most notable one as of now, with over 75% increase against BTC and 85% against USD.
Ontology’s BTC gains are 40% and against USD – 45.5%.
Neo is trading at $11,71 now and it shows a 35% increase against USD and 27% against BTC.
It’s worth noting, though, that even as impressive as these surges appear to be, the all-time high of all projects is considerably higher. Bytom is 85% down from $1,17 to $0,143 now, ONT is 90% down from $10 to $0,95, and NEO’s ATH was in January 2018 at $196 – a total decrease of 94%.
Chinese Interest Picks Up
The announcement from the President of the country regarding blockchain has provided a significant impact in other areas as well. It’s still hard to say if that was the only reason behind the substantial price surge but it’s safe to assume that it might have had a vital role in it.
CryptoPotato reported earlier today about increased interested in blockchain and Bitcoin. The Chinese-based multi-purpose app showed a 1200% increase for blockchain-related search topics after the 25th of October. Also, a new cryptography law is set to become active in the country, starting from the 1st of January next year and it was accepted on Saturday.
It’s also interesting to point out that the CEO of Facebook expressed his opinion on the matter just a few days before that. He said that the U.S. should invest more in blockchain as they might fall behind countries such as China.