Many Chinese cryptocurrencies are turning bullish after President Xi Jinping’s endorsement of blockchain technology. NEO, Ontology (ONT), and Bytom (BTM) are leading the pack.
Chinese cryptocurrencies have been booming ever since China’s surprise endorsement of blockchain technology, with speculation that they may be included in the new state policy. It’s becoming increasingly clear that cryptocurrencies based in China may be hot again given this positive news.
BeInCrypto reported two days ago on President Xi’s speech to the Politburo, where he argued that China must lead the world in blockchain technology. 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.
The end result has been a resurgence of interest in blockchain technology in the country. One Chinese blockchain-focused company even spiked 107% on the Nasdaq. In short, blockchain technology is making headlines across the country.
Chinese Altcoins Spike
In response to President Xi’s announcement, Chinese cryptocurrencies have been turning bullish. Many have been posting double-digit gains despite the President never mentioning cryptocurrencies, only blockchain.
NEO, often called the ‘Chinese Ethereum,’ is up 31% at the time of writing. Ontology (ONT), another Chinese cryptocurrency which shares some of the same code with NEO, is up 42% on the daily and is currently trading at around $0.92. Tron (TRX) is also posting massive gains, up 20% at the time of writing and almost breaking the $0.02 zone.
Other, smaller Chinese altcoins have also spiked substantially. Bytom (BTM) is up 81% and is trading at $0.137, while QTUM is up 26% and is currently trading at around $2.26.
In short, Chinese cryptocurrencies are booming over speculation that one of them may prove integral to China’s new blockchain-focused state policy.
Where Does It All Lead?
It’s unclear whether these spikes will effectively become pump-and-dumps, considering that they are based on speculation alone. There is no evidence to suggest any of these cryptocurrencies have been approved by the Chinese state.
Still, it’s a positive turn in the market that has not seen altcoin pumps like this in a long time. In short, we may look back at this day as the start of the rest of the market catching up to BTC.
Do you think this bullish spike may be the start of the so-called ‘alt season?’ Let us know your thoughts in the comments below.
Images courtesy of Shutterstock.
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