Weiss Cryptocurrency Ratings, a division of the independent financial rating agency Weiss Ratings, has given Bitcoin an A-rating, pointing out its “excellent” adoption and potential rewards, as well as its “good” technology.
According to Weiss Cryptocurrency Ratings’ website, the flagship cryptocurrency’s ratings when it comes to technology and adoption is an A, while the rating for its risk/reward potential is a B+. As a result, BTC got an ‘A-‘ from the agency.
This, it’s worth pointing out, is the best rating the agency is currently giving any cryptocurrency. Ethereum’s ether comes in second with a ‘B+’ as while its technology and adoption are extremely positive, its risk/reward grade is a ‘C’. Behind it ate litecoin and XRP, both with a “B-.”
Notably, Weiss Ratings gave bitcoin an initial score of ‘C0’ back in January of 2018, when the flagship cryptocurrency was close to its all-time high near $20,000. That year BTC went through an 84% drop to $3,200 in December, before it started to recover.
The cryptocurrency is currently trading at $11,450 after being rejected from the $13,000 mark. Over time bitcoin’s grade went up, and in March of this year it got an “A” grade for technology and adoption, along with XRP and EOS.
Bitcoin’s grade has likely been rising both thanks to its price’s performance, and thanks to various improvements being made on the network. Upgrade likes Segregated Witness (SegWit) and transaction batching helped unclog its blockchain, while the development of its layer-two scaling solution has been advancing at a rapid pace.
All of this has been helping the Bitcoin network’s adoption grow. As covered, using blockchain data to look at transaction inputs and transaction outputs, it’s clear bitcoin usage is close to its all-time high, even though the price is still far from $20,000.
Moreover, Bitcoin’s hashrate hit an all-time high of over 74.5 million terahashes per second earlier this month, at a time in which its decentralization has been standing out as no single mining pool controls over 20% of the network.
Taking all of this into account various cryptocurrency experts have made price predictions so far this year. Where bitcoin’s price is going, however, is anyone’s guess. It’s worth pointing out Weiss Cryptocurrency Ratings, back in January, claimed “bitcoin will again rise up and head for new all-time highs.”