Weiss, the ratings agency whose reports are known to cause a stir within the crypto community, has released their latest offering, which has seen Bitcoin joined in top spot by three altcoins. Their March 2019 cryptocurrency outlook, entitled rather dramatically ‘Dark Shadows with a Bright Future’, gives EOS and XRP a huge kick up the rankings to join Bitcoin in the top positions, where they are joined by BNB, and provides a broadly positive assessment of the currency state of crypto.
Bitcoin Still the Leader of the Pack
Weiss reaffirms that Bitcoin is “still the proven leader in adoption”, and is best positioned as a “store of value for savers and investors”, which echoes the sentiments of those who see it as a form of digital gold. However, those who have seen their holdings rocket and then dwindle in dollar value over the past two years will take issue with their assertion that “it can be a safe haven in times of turmoil.” It might be in time, just not yet. Bitcoin’s B- grade is one better than 2018’s C+, which Weiss puts down to “various improvements, including the roll-out of its Lighting Network.”
The Challengers Step Up Their Game
XRP, the report states, still has designs on competing with SWIFT and, in later years, “may contribute to a banking system grounded in Distributed Ledger Technology…” with numerous customer benefits. This, along with improvements in its technology and its adoption with institutions, has seen it claim joint top spot. EOS’ “advanced smart-contract capabilities and innovative governance features” merits its place at the top of the pile according to Weiss, who label it as the worthiest Ethereum challenger at present.
Ethereum itself, claim Weiss, has fallen behind EOS in terms of technology. The agency is lukewarm on BNB, despite placing it in the same category, stating that its grade has been influenced by its recent surge in price which “may not be sustainable”.
Adoption and Innovation Driving Crypto
Weiss summarizes the sentiment on cryptocurrency as being generally positive, despite the collapses in price last year, stating that improving fundamentals and increased adoption bodes well for the space as a whole. In fact, the very first line of their report neatly sums up what those inside the space have been feeling for some time:
With cryptocurrencies down sharply in price, many observers seem to assume there’s been an industry-wide decline in usage and practical applications. Nothing could be further from the truth.