Weiss Ratings ranks Ethereum as the top cryptocurrency

Published On: August 8, 2020Categories: Alternative Investments1.4 min read

The rating firm replaced Bitcoin with Ethereum as the top cryptocurrency as it updated its overall digital asset rankings based on adoption, technology and risk factors

Weiss Ratings has dethroned Bitcoin to place Ethereum as the top cryptocurrency. The rating firm updated its overall digital asset rankings, which factors in adoption, technology, market momentum and investment risk.

Ethereum is the second-largest cryptocurrency platform by market capitalization, after Bitcoin. It is a decentralized open source blockchain featuring smart contract functionality.

Weiss has placed Ethereum in the first spot, followed by (BTC), Cardano (ADA), Litecoin (LTC), and Stellar (XLM). The rating firm singled out Cardano for having the best technology. Pointing to the fact that Shelley hard fork is a success, Weiss analyst Juan Villaverde said that the firm has already factored in Cardano’s highly-anticipated upgrade in the coin rankings.

Shelley is already reflected in our technology model because we had full confidence that it would come out with this (fork). We’re also reflecting on that same model that Cardano is capable of running smart contracts and dApps because we think these things will come out eventually so when Cardano pushes a code update, it doesn’t really reflect on our ratings, unless it’s something new on the roadmap that wasn’t there before. As the fundamentals for the blockchain, that is Cardano, improve over time, it will be reflected in our ratings.

In terms of technology, Weiss also placed Cosmos (ATOM), Fantom (FTM), Tezos (XTZ) and Ethereum as the top coins.

ETH/USD bears remained in control for the second straight day after failing at the $400 resistance level. The price fell from $395 to $382.60 this Friday. The MACD shows decreasing bullish momentum.

Strong resistance lies at $400 and $387.10. On the downside, we have healthy support levels at $371.70 and $345.75.

About the Author: Jonathan Adams

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