February 22, 2023 (Investorideas.com Newswire) China coins have been growing in popularity among crypto traders and investors recently – we explain why and which ones to look out for.
Business 2 Community analysts have picked a China Coins 21 List consisting of 21 China-connected crypto that together have averaged a return of 119% year to date.
List member Conflux’s price was excluded from the mean calculation because it is up a massive 1,316% and would have skewed the results.
You can find the full list here:
So why is China looming large in crypto all of a sudden?
Here’s at least three reasons: Hong Kong is opening up its retail crypto market; the Chinese government is Ok with that; and the end of Zero Covid policy on the mainland saw the People’s Bank of China halt rises in interest rates on Monday (20th February).
Taken together, these developments could usher in seismic changes for the crypto market globally.
According to data compiled and presented by Business 2 Community, in the past seven days alone (as at 21 February 2023), China coin Conflux’s price is 452% higher, COCOS BCX (COCO) is surging 216%, NEO improved 57% and Filecoin 53% the better. Only one of the coins is in the red – Immutable X (IMX) down -13%. All the rest of our China Coins 21 List are winners.
Here’s a few more – some you will know, others more obscure: Nervos Network (CKB) is up 44%, VeChain (VET) 26%, Ontology (ONT) 23%, old stager EOS. Klaytn, which is actually a South Korea-based crypto project but has a China following, is up 43%.
What sectors do China Coins cover?
We have identified 21 coins that could be considered for China exposure.
Some of them are projects that are official partners of the government initiated Blockchain Services Network. Others are not even Chinese but have significant partnerships with Chinese companies or have a following, for whatever reason, among Chinese traders and investors.
There are a mixture of small cap and large cap coins to consider and a wide spread of industries in which they are involved, from supply chain and AI to gaming and ID authentication.
Old hands in the crypto world feature, such as NEO, which has long been touted as the ‘Chinese Ethereum’, with a market cap of around $1 billion.
EOS is another mid to large cap blockchain layer 1 that has been around for a while by crypto standards, and also has many Chinese investors.
At the other end of the spectrum are coins such as Cortex Labs (CTXC) with a market cap of $64 million and a penchant for perpetual reinvention – it is now getting into AI.
Why Filecoin and Polkadot make the China Coins 21 List
Among the largest cap coins in our China Coins 21 are two perhaps unlikely candidates – Filecoin (FIL – $3 billion MC) and Polkadot (DOT – $8.7 billion MC).
Both are included because of their following in China. Filecoin’s largest service provider for some time was RRMine, which only left China in September 2022.
Also, Chinese firm Ewieson uses Filecoin for data preservation.
Polkadot, on the face of it, might seem more of a stretch for inclusion in our China Coins 21, but is a much-loved coin of crypto followers in China.
Polkadot co-founder Gavin Wood spends a lot of time in Shanghai and it is estimated that around 20% of the project’s developers are based in China.
The full story and statistics can be found here:
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