Bitcoin Loses No.1 Spot Over This Crypto In China
Everyone is talking about BItcoin these days; winners proclaim how well-time their investments were to take advantage of the cryptocurrency’s rally while the rest lament that the chance to profit from its price surge might have passed them by. Indeed, with the media exposure that Bitcoin gets these days, it would be natural to assume that Bitcoin is the king of all cryptocurrencies in existence.
But apparently, that is not the case in China. Instead of Bitcoin, One Coin is the reigning cryptocurrency in the Chinese market, a position it achieved mainly because trading in Bitcoin remains largely restricted.
China’s cryptocurrency enthusiasts have been left out of bitcoin’s historic rally in recent months, thanks to the Chinese government banning initial coin offerings in September and then shutting down all major domestic exchanges. But it didn’t take long for them to find something new to pour their money into.
That turned out to be OneCoin, designed by Chinese tech company Xunlei. Since its launch in mid-October, OneCoin’s value has jumped dramatically in secondary markets—at one point more than 80-fold, according to numerous reports (link in Chinese). That’s despite OneCoin not being available for trade in any major marketplace. Its crazy ride has helped Xunlei become the best-performing stock on Nasdaq for most of the past two months.