Independent ratings agency Weiss has released a comprehensive report on the cryptocurrency market entitled ‘Dark Shadows with a Bright Future‘. It names Bitcoin as the cryptocurrency most likely to succeed as a digital asset with a long-term store of value.
The report begins by stating an obvious reminder about the current state of the crypto market, as the majority of trading assets are “down sharply in price”. The report flatly says that the assumption of industry decline in usage and practical applications are wrong:
“Leading cryptocurrencies now enjoy three times more volume in user (on-chain) transactions than they did in early 2018. The industry’s network capacity and security have improved dramatically. And the underlying technology has evolved with new, more efficient ways to create digital assets.”
According to Weiss, the cryptocurrencies most likely to succeed this year are Bitcoin, Ripple and EOS, with all of these projects receiving a grade of A for “tech/adoption”. The only other project to get an A rating is Ethereum, which received an “A-“. It singles out Bitcoin as the best for “savers and investors”, crediting the roll out of Lightning Network as having vastly improved its technology in terms of scalability and adoption chances.
EOS was billed as the “leading coin challenging Ethereum to become the backbone of the internet”, while XRP was seen as “the most likely to compete with SWIFT”. Ethereum is still recognized as the most widely used platform in the industry, but its struggles in scalability resolution ensured it didn’t meet top grades.
The report reviewed 122 digital assets, using four criteria: technology, adoption risk and reward.
Although it only views technology and adoption as important for prospects in the long term, when the latter two criteria, risk and reward, are added to the equation, none of the assets reviewed could score an A. Only EOS, XRP, Bitcoin and Binance Coin could register “B-” grades, the highest grade awarded for overall review.
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