The much talked about ratings of Cryptocurrencies from Weiss has been released, and many have been taken aback by the result. The report is basically a review of 74 cryptocurrencies in the market evaluating them on a scale of “A” to “D”. The amount of excitement for this report can be realized by the fact that Weiss’ site went offline after the report was released because of the enormous traffic. The rating given to Ether and Bitcoin were the most controversial.
The Aftermath of Weiss Ratings
Bitcoin was rated a “C+” by Weiss, while Ether and Steem earned a B and B- respectively. The most interesting thing about this review is that no currency has managed to be rated “A” in this report. Another interesting thing to note was Steem getting a better rating as compared to that of Bitcoin. As the Bitcoin got a C+ rating, people have compared this with just getting a passing-marks score in their exams.
The rating company has also released a report which explains the meaning for the different grades. A grade of “A” and “B” can be understood as “buy” in the stock markets. While a rating of “D” or “E” which Novacoin and Salus were awarded can be understood as an equivalent of “sell” in the stock markets. This explanation has come as a relief for the Bitcoin investors since the “C+” rating it has been awarded implies an equivalent rating of “Hold” in the stock markets.
Who is reaping the Benefits?
Quite obviously, cryptocurrencies which got a great rating are getting huge benefits. Cardano and neo, two of the biggest winners have witnessed quite a jump in their values after the reports were released.
As an explanation for the ratings, Dr Martin Weiss told CNBC: “We have built a computer model that looks at cryptocurrencies from many different angles and proves a rational, rigorous and reasoned research that investors need so desperately in this space”.
It would be fascinating to see whether Weiss ratings will make an impact in the markets of cryptocurrency or not.
(Writing by Ananya Dutta; Editing by Mohith Agadi)