Chinese cryptocurrencies grow amid surge in interest in blockchain

The number of requests for blockchain related keywords has increased dramatically in the Chinese search engine Baidu and the WeChat messenger after a public statement on this topic by President Xi Jinping.

The word “blockchain” was entered into the Baidu search engine 72,049 times on Friday, which is 1,382% more than on the previous day. Wechat recorded 3,331,874 hits – an increase of 329%. Positive dynamics continued on the weekend. On Saturday, the values ​​rose by about 170%.

At the same time, the keyword “bitcoin” did not initially receive such attention from users, and on Friday its mention even decreased by 5%. The next day, growth of 144% and 216% was recorded in WeChat and Baidu, respectively.

Xi Jinping at a meeting of the Chinese Communist Party on Thursday spoke about the need to develop blockchain and take a leading position in this industry. Although China is no stranger to the use of distributed ledger technology in its initiatives, Xi Jinping’s statement is probably the largest confirmation of the country’s leadership’s plans to further deepen this area.

chinese crypto

The cryptocurrency market this Sunday resumed its rise. The previous spurt was led by Bitcoin, however today altcoins are leading, with projects with Chinese roots standing out against the general background. So, NEO, often called “Chinese Ethereum”, rose by more than 30% and reached a multi-month high in trading volume above $ 1 billion.

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