President XI of China made big news when he stated that China was going to make a commitment to implementing blockchain technology as part of the country's technological future.
This speech caused, according to many, a big spike in the price of Bitcoin. It has a huge move over the weekend. If nothing else this shows how large the Chinese market is.
For this reason, the most updated rankings by are very impressive for Steem. The China CCID rankings were released and Steem placed a strong #6.
https://cointelegraph.com/news/eos-holds-top-spot-bitcoin-11th-in-chinas-latest-crypto-rankings
This is an impressive jump from just a quarter ago when Steem ranked #10 on the index.
https://atozmarkets.com/news/2019-china-crypto-rankings/
As we can see, even though Steem fell a bit in the "basic tech" category, it gained significantly in both the "Applicability" and "Creativity" categories. The were the two areas where Steem fell behind the other ones in the top 10.
Having a good rating in China can only help Steem long term. It is obvious the country is determined to embrace blockchain technology. While none of the reports over the weekend dealt with cryptocurrency, it is hard to separate the two.
We know this is also one of the largest markets in the world. With over 1.2B people, China has the population to really throw up some impressive numbers if an application is embraced there. While there are difficulties with the firewall issue, the Chinese population, for the most part, is technologically advanced.
This is a positive sign for the future of Steem. The fact that not only does it rank highly, but also improved in a couple categories from a quarter ago shows that progress is being made.
In spite of what we might think being on here on a daily basis, Steem is starting to get some recognition on the outside.
Now if the bear would just go into hibernation.
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