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Ethereum has been rated the best cryptocurrency according to the rating agency Weiss Ratings, and this hasn't sat well with investors of Bitcoin Core, Bitcoin Cash or Ripple, among others.
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We should note that none of the cryptocurrencies rated received an "A" grade.
The highest grade rewarded was a "B", handed out to Ethereum and two lesser known cryptocurrencies: Cardano and EOS. Nearly all others fell within the "C" range.
This leads to an important question: How reputable is Weiss?
Depends who you ask.
“Very trustworthy,” says David Drake, a crypto asset expert, in an interview with Forbes.com. “It is the first step for more ratings to come out on cryptocurrencies.”
“The mere fact that futures exchanges and rating services have finally legitimized investment in cryptocurrencies after nine years of their existence is a strong sign of trend maturation,” adds Elliot Prechter, Head of Computer Analysis, Elliot Wave. “It is reminiscent of the timing of gold legalization, which occurred at an interim peak in gold that saw it fall in half thereafter.”
“Weiss has been around for a while and appears to be respected,” says Al Zdenek, president of Taust Sollus Wealth Management. “From their past history, they appear to tend to come out with new rankings or ratings in different areas of the markets first. The current ranking of cryptocurrencies seems to be the latest one.”
Zdenek expressed caution in regard to the Weiss ratings however. “With the cryptocurrency industry being so young and with so many companies vying for space, I am not sure what it means to rank these companies,” he notes. “The speed of change in this space renders any ranking irrelevant after a few weeks. I would caution investors or followers of this rating to be very careful if you are basing investing on it. In any new industry, there tends to be many that enter but few survive. It would not surprise me if Bitcoin was not even being ranked in future years. Remember Wang Computers?”
Here are the Weiss Ratings for each cryptocurrency:
Aaron Goldstein, Gambling911.com
