According to a veteran financial rating agency, five crypto projects are more technologically progressive than Ethereum. The latest update from Weiss Ratings shows that Cardano (ADA), Polkadot (DOT), Tezos (XTZ), Cosmos (ATOM), and Fantom (FTM) have ‘excellent’ technology ratings, compared to Ethereum and other crypto coins.
Ethreum (ETH) stays back with only a ‘good’ rating, alongside Iota (IOTA), Holo (HOT), Grin (GRIN), Bitshares (BTS), Algorand (ALGO), and Nexus (NXS). The rating agency says it uses a unique strategy to measure thousands of data points to rank each crypto coin in categories. These categories include technology, investment risk, adoption, and market momentum.
As for the firm’s overall cryptocurrency ratings, Ethereum (ETH) leads the market with an ‘A-‘ rating, followed by Bitcoin (BTC) with a ‘B’ rating. Cardano (ADA) and Stellar (XLM) follow these two popular coins with a ‘B-‘ rating. Weiss Ratings is also assaying the market as a whole. In a new blog post on the company’s website, analyst Marija Matic shares her view on the crypto market following the release of El Salvador’s regulation to adopt BTC as legal tender – which is a monumental move.
“Bitcoin is still holding to around 15% gains in the aftermath of the bullish news from El Salvador. While we’re not out of the woods yet, Bitcoin’s futures open interest is growing, with futures open interest in June up around 20%. This indicates that traders are becoming more bullish,” Matic writes.
She emphasizes that the basic points haven’t been altered but also warns the bulls are not on the road to recovery yet: “Neutral funding rates, increasing open interest and leverage trading are bullish signs that the downward trend may be reversing. However, trading volume is still low, and investors need to come out of the ‘fear’ zone.”
Weiss Ratings has offered financial market research and analysis for more than 30 years and published its first crypto ratings and data in 2018.