Financial ratings firm Weiss Ratings has released its cryptocurrency ratings list revealing how various digital currencies have been performing in the market. Weiss is the analysis firm that carries out reviews of cryptocurrencies.
The recent report by Weiss involves the analysis of 93 cryptocurrencies and tokens that are actively traded on the market. The company also announced that the report will be freely accessible to the general public for one week. The list is usually only accessible to subscribed users. The analysis of Weiss evaluates the cryptocurrencies and grades them based on various facets.
According to the report, only 7 digital coins managed to achieve an overall score of B- or higher and no cryptocurrency managed to score an overall A rating. Eos (EOS) and Cardano (ADA) had the best performance on the list with both scoring B overall. Some of the lowest scoring coins include Reddcoin (RDD) which stored a D+, Bitcoin Gold (BTG) which scored a D and Electroneum (ETN) which garnered an E+. The lowest perming cryptocurrencies were those with a market capitalization that is below $100 million.
Martin Weiss, the founder of Weiss Ratings revealed that it awarded the grades to the cryptocurrencies based on adoption and technology, as well as the risk-to-reward ration. This is the first time that the firm has revealed the criteria that it uses to rate cryptocurrencies.
In his statement, Martin pointed out that developers have been looking for a merit system that is based on the achievements of their cryptocurrency projects as far as adoption and technology are concerned. This is despite market fluctuations since the cryptocurrency market is quite volatile. Unfortunately, most of the people investing in the cryptocurrencies only seem to be interested in the profits or losses that they make. Weiss Ratings tries to blend the best of both worlds but the founder stated that they have been trying to make the structure more clear so that users get a better understanding.
Bitcoin which is arguably the most popular cryptocurrency in the market was awarded a B in technology and adoption but performed poorly in the investment risk and reward category in which it scored a D+. It managed to achieve an overall B- rating. None of the cryptocurrencies that were evaluated performed well in the investment risk-reward category.
The Weiss Ratings report for cryptocurrency should help investors get a better understanding of how the cryptocurrencies have been performing.
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