The cryptocurrency world has been receiving a large amount of attention as of recently, gaining a large amount of attention everywhere from online to Wall Street. A Florida-based rating agency known as Weiss Ratings recently released a report showing how some cryptocurrencies could be safer investments than others. The report is based on a series of metrics such as risk, technological innovation and other fundamental factors about the coin. One of the biggest surprises of the report was that Ethereum received a higher rating than some of the other biggest coins in the space by market capitalization such as bitcoin and ripple.
David Drake, a crypto asset expert stated that these ratings are “very trustworthy. It is the first step for more ratings to come out on cryptocurrencies.” The head of computer analysis, Elliot Wave, stated that “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. It is reminiscent of the timing of gold legalization, which occurred at an interim pay in gold that saw it fall in half thereafter.” These ratings on the industry have been relatively untrustworthy as of recently given that the market is still very much in its infant stages.
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Al Zdenek, president of Taust Sollus Wealth Management stated that “Weiss has been around for a while and appears to be respected. 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.” The hopes are high that this rating can help investors to make smarter decisions about what cryptocurrency they want to invest in before putting any money in.