Weiss Ratings issued a new report showing that it has upgraded bitcoin from its previous B- grade to a B. However, the rating agency recommends that users should be holding out for a price correction before they purchase it as per the coming altcoin news.
The independent rating agency Weiss Ratings rates cryptocurrencies based on multiple factors including risk, reward, technology, and adoption. The four categories are often split into two ratings, one for tech and adoption and the other for risk and reward. The combined average of both categories is used to work out an overall rating and a total grade.
Bitcoin’s tech adoption score has previously been rated as a solid ‘’A’’ mainly thanks to the improvements such as the Lightning Network. The risk factor has always brought the grade down and the cryptocurrency itself as well. however, the recent price gains have improved the reward making the risk and reward category gain a ‘’C-‘’ grade and giving Bitcoin an overall rating of ‘’B.’’
According to Weiss rating bitcoin is now at a good position after being ten years at the top and still managing to set the standards for other cryptocurrencies. Despite the upgraded rating and the improved adoption, the rating agency does not recommend buying Bitcoin at the moment. The reason for this is because the recent price gain may bring us a substantial price correction after which people are advised to purchase bitcoin with the funds they can afford to risk.
Weiss also says that we are currently in the first phase of a new bull market and that the risk-reward rating category will continue to improve as the bull market unfolds. Despite the positive rating, some parts of the crypto community had something to say about the matter. Of course, the Ripple army as noted in the latest cryptocurrency news sees the new upgraded rating as a personal affront. You could read many comments on the Twitter post that the agency posted saying how they feel threatened with the new rating. What is funny is that Ripple is also graded a ‘’B’’ just like Bitcoin and Ethereum.
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