Close on the heels of President Xi Jinping’s endorsement of blockchain technology on October 24, many Chinese cryptocurrencies are witnessing massive gains. Leading the pack are NEO, Ontology (ONT) and Bytom (BTM).
According to reports, NEO, often called the ‘Chinese Ethereum,’ has gained over 30% after Xi called upon the country to seize the opportunities in blockchain technology on October 24. During a meeting with the Politburo Committee on October 24, President Xi highlighted the potential for blockchain to bolster the Chinese economy, while remarking on plans to spearhead the development of blockchain technologies. The Chinese President’s speech about the virtues of blockchain technology proved to be a trigger for the price rise across the cryptocurrency market in the world.
Immediately after Xi’s support to blockchain technology, the largest cryptocurrency Bitcoin price also skyrocketed to over $10,500 per coin, a massive gain of 42% from its recent lows.
Following the footpath of NEO, ONT, another Chinese cryptocurrency, also witnessed a massive gain of over 40% from its recent lows. Tron (TRX) is another Chinese cryptocurrency which also gained handsomely. It gained more than 20% after Xi’s statement on October 24. Other smaller Chinese altcoins also spiked substantially. BTM gained 81%, while QTUM gained a decent 26% after the now-famous statement of Xi.
Chinese cryptocurrencies have been booming ever since XI’s surprise endorsement of blockchain technology, with speculation that these cryptocurrencies may be included in the new State Policy. Given the positive attitude of the Chinese President on the blockchain technology, it is now becoming increasingly clear that the China-based cryptocurrencies will be in the limelight in the time to come.
In his speech to the Politburo, Xi had argued that China must lead the world in blockchain technology. He also disclosed that the state plans to leverage blockchain to revolutionize all of its core industries and sees it as the path forward to giving China a competitive edge.