What a rollercoaster ride it has been for the cryptocurrency scene in the past year! It’s been a whirlwind of ups and downs, but now we’re starting to witness some exciting positive trends. It’s fascinating to see how different industries, like artificial intelligence, psychedelic substances, and zero-knowledge protocols, have sparked their own frenzies alongside the crypto sphere. Speaking of crypto, it has made remarkable progress in recent times, and guess who’s been leading the charge? None other than China, a powerhouse both in terms of its economy and its appetite for digital currencies. China’s influence on the crypto world cannot be understated, as it has played a significant role in shaping and advancing the industry.
The chatter on Crypto Twitter is abuzz with analysts forecasting an imminent surge in “China Coins.” What’s fueling this speculation? Well, it’s closely tied to the anticipated easing of regulations in Hong Kong and the possibility of “quantitative easing” measures being implemented in China. The People’s Bank of China (PBoC) has been injecting massive liquidity into the market, which has coincided with a notable uptick in the overall crypto market capitalization. Adding to the excitement is the forthcoming introduction of a licensing framework for Virtual Asset Service Providers (VASP) in Hong Kong, potentially going live as early as June 1, 2023. This development has captured the attention of the public, igniting curiosity and interest in “Chinese Cryptos.”
In this article, we will be covering just that, and take you through our pick of the top Chinese cryptocurrencies to buy in 2023.
Top Chinese Cryptocurrencies to Buy Now
It’s worth highlighting that the first waves of excitement have already made their mark. We witnessed remarkable surges in coins like “Chinese Polygon” CoinFlux (CFX), which soared by a staggering 140% in just a matter of days. Not to be outdone, OKB hit an all-time high following the exciting news of the OKBChain launch. With these events in mind, let’s delve into some of the 6 standout Chinese crypto that you could consider investing in:
- Vechain (VET)
- Conflux (CFX)
- Neo (NEO)
- Alchemy Pay (ACH)
- Huobi (HT)
- OKX (OKB)
Vechain (VET)
Back in 2015, the world witnessed the birth of VeChain, an innovative supply chain management platform built on blockchain technology. This super versatile smart contract world is designed especially for businesses. VeChain is all about embracing the power of distributed governance and the Internet of Things (IoT) to create a fascinating environment that takes on the mighty data challenges faced by companies worldwide. We’re talking about industries like healthcare, energy, food and drinks, and working towards those sustainable development goals (SDGs).
This platform is all about revolutionizing the way goods are tracked and traced, making quality control and traceability a breeze. VeChain took its first steps into the public blockchain realm in 2017, utilizing the ERC-20 token VEN. However, it didn’t stop there. In 2018, VeChain went on to establish its very own mainnet, proudly sporting the ticker VET. The VET token plays a crucial role in this ecosystem. Not only does it generate the VTHO token, but it also serves as a medium for storing and transmitting value.
Key Metrics:
- Market Cap: 1,395,903,602 dollars
- Total Supply: 85,985,041,177 VET
Conflux (CFX)
Conflux is another remarkable layer 1 consensus blockchain that is all about high performance. What sets Conflux apart is its unique Tree-Graph consensus mechanism, which allows for the concurrent processing of nodes and trades. This ingenious approach fuels remarkable output development and scalability. Conflux proudly stands as China’s one and only “regulatory compliant, public, and permissionless blockchain.” By seamlessly integrating decentralized enterprises, Conflux contributes to the advancement of the global DeFi ecosystem.
The CFX token is the lifeblood of the system, serving multiple purposes that add a whole new layer of functionality. Firstly, it enables token holders to effortlessly cover transaction fees, ensuring smooth and seamless transactions and also opens up exciting opportunities for token holders to earn rewards by participating in staking activities. Additionally, CFX allows users to rent storage space and actively engage in the governance of the network, and actively rewards and supports the diligent miners who dedicate their resources to maintaining the network’s robust security.
Key Metrics:
- Market Cap: 894,941,553 dollars
- Total Supply: 5,278,164,274 CFX
Neo (NEO)
Neo proudly declares its mission to lay the groundwork for the exciting future of the internet. Cast your mind back to that moment in February 2014 when this groundbreaking project emerged onto the scene. Initially called Antshares, it took the honour of being hailed as China’s inaugural public blockchain.
Neo is the brainchild of Da Hongfei, a visionary Chinese entrepreneur. olders of the NEO token are not only active participants in the network but also enjoy the perks of ownership, earning a stake in the ecosystem. They even have the power to shape the future through their voting rights for the esteemed members of the Neo Committee, responsible for governing the Neo blockchain. As if that wasn’t impressive enough, NEO holders are also entitled to a passive allocation of GAS, the network’s utility currency, as a token of appreciation.
Key Metrics:
- Market Cap: 737,258,903 dollars
- Total Supply: 100,000,000 NEO
Alchemy Pay (ACH)
ACH coin is a remarkable gem brought to you by Alchemy Pay. This is essentially an ERC20 token that proudly calls the Ethereum network its home. Within the expansive Alchemy Pay ecosystem, the ACH coin plays a vital role, serving as an indispensable component. Firstly, it enables seamless payment of transaction fees along with added rewards that encourage users to engage with the platform. This versatile token even aids in reducing transaction costs, making financial interactions more efficient and ensuring a smooth onboarding experience.
Alchemy Pay (ACH) is a visionary payment solutions company that has been making waves since its establishment in Singapore back in 2018. What sets Alchemy Pay apart is its ability to empower both online and offline retailers, enabling them to accept both traditional fiat currencies and exciting cryptocurrencies. Talk about embracing the best of both worlds! The impact of Alchemy Pay is truly global, with a presence in over 70 countries and a network spanning across 300 payment channels. Alchemy Pay goes above and beyond by simplifying the onboarding process for blockchain ecosystems, making them accessible to all and also extending its reach to provide universal access to web3 services.
Key Metrics:
- Market Cap: 171,898,219 dollars
- Total Supply: 10,000,000,000 ACH
Huobi (HT)
This exchange, with its inception dating back to 2013, has secured its place as one of the world’s largest and most esteemed platforms. Just imagine, over $1 billion in daily trading volume! Huobi truly offers a plethora of services to cater to every trader’s needs. From spot and derivatives trading to margin trading and beyond, they’ve got you covered. The platform also has an impressive provision of an API and an array of additional services, elevating the trading experience to new heights.
Although still relatively young, Huobi Token (HT) made its grand entrance in January 2018, closely following the footsteps of its counterpart on the rival crypto exchange, Binance. This remarkable token operates within the decentralized realm, built upon the Ethereum blockchain and adhering to the ERC-20 standards. The introduction of its very own token has empowered Huobi to craft a flexible and dynamic marketing strategy, aimed at captivating new users and propelling the growth of its platform. With Huobi Token, the possibilities are endless, as it paves the way for exciting developments and opportunities within the Huobi ecosystem.
Key Metrics:
- Market Cap: 491,654,682 dollars
- Total Supply: 203,980,445 HT
OKX (OKB)
OKX is an exciting crypto exchange formerly known as OKEx. This platform initially made its debut in the vibrant crypto landscape of China, but as time progressed, it spread its wings and expanded its operations overseas. One highlight feature of OKX is that its extensive client base predominantly hails from the dynamic continent of Asia. The influence of this exchange reaches far and wide, attracting traders from diverse backgrounds and regions.
OKB token plays a pivotal role in the ecosystem, facilitating the calculation and payment of trading fees, granting users access to voting and governance mechanisms, and even rewarding them for holding OKB in their digital wallets. The OKX exchange, where OKB thrives, proudly stands tall as one of the largest platforms globally. With a wide selection of trading pairs, OKX ensures that traders have an abundance of options at their fingertips.
Key Metrics:
- Market Cap: 2,736,113,050 dollars
- Total Supply: 300,000,000 OKB
Also Read:
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- Trading Cryptocurrencies: A Complete Guide to Making Money with Digital Assets
- Top 5 Crypto Exchanges to Use in 2023
- Top Crypto Exchanges in India in 2023
What did we learn?
