Bitcoin Tops Weiss Crypto Ratings After Being Upgraded to A- Score
Crypto investors now have one more reason to be optimistic of the future after U.S.-based provider of investment data Weiss Ratings for the first time in the firm’s history has upgraded the score of Bitcoin to a solid A- grade.
“That’s a long way from the C+ we gave it in January of 2018. Back then, our ratings model told us that the risk of investing in Bitcoin was off the charts … that its technology was outdated … and that its network was clogged,” stated Martin D. Weiss, founder of Weiss Ratings, in a letter shared with ForkLog.
He further added that “Bitcoin lovers hated our rating, but it was right.”
“Bitcoin crashed and ushered in a massive bear market for virtually all cryptos. Now, however, our model is telling us precisely the opposite.”
“After touching bottom in December, Bitcoin quadrupled in value in less than 190 days. And today, the reward it delivers investors outweighs the risks. Its technology has been upgraded. Its network is back to normal.”
According to Martin D. Weiss, this was not an overnight event, as the company upgraded Bitcoin to a “buy” months ago, and now it’s a “strong buy.”
Nevertheless, his advice to the investors is not to rush to buy immediately as “it’s always more prudent to wait for a normal correction.”
Back in March this year, Weiss Crypto Ratings has launched a comprehensive report on emerging trends in the cryptocurrency market, assigning top letter grades to coins with the best combination of adoption and technology, indicating a high likelihood of long-term success.
At the time, Bitcoin was named to be best positioned to become a popular store of value for savers and investors, with the Tech/Adoption Grade A. Weiss warned, however, that investors must not ignore the risk of loss, which remains far higher in crypto markets than virtually any other asset class. Thus, the overall Weiss Crypto Ratings in March, which include risk and reward factors, were not nearly as high as the Tech/Adoption grades. Only four – EOS, Ripple, Bitcoin and Binance – merited an overall rating of B-, and no coins got an A.
It is also worth noting that earlier this month Weiss Ratings has ranked Litecoin (LTC) as “excellent” in regards to investment rewards and adoption.
Today’s news comes amid fresh bullish sentiments on the markets with the BTC/USD pair reaching $12,000 on several exchanges on Monday, July 8. Bitstamp data, for example, showed BTC/USD hit $12,010 at 11:45 UTC, having begun the day below $11,500.
Today’s move towards $12,000 occurred as a result of a sudden $500 surge which lasted mere minutes. Since then, a slight correction saw BTC price dropping to around $11,900 (+4,25% over the last 24 hours).
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