Bitcoin Scores The A- grade in New Weiss Ratings’ Report
Weiss Ratings has assigned Bitcoin (BTC) an A- grade in its recent rankings. The crypto also received an “excellent” rating based on its remarkable price performance. The firm published its ratings via Twitter on February 7.
In March of last year, Weiss Ratings identified BTC, XRP, and EOS as the cryptocurrencies having the best adoption-technology combination. The new rating gives BTC the edge over XRP and EOS in all parameters. EOS’s rating is a downgrade due to its centralization issues.
Weiss Ratings Contradict CCID’s Earlier Study
In September last year, the Center for Information and Industry Development (CCID) released its ratings. In those ratings, BTC ranked eleventh. EOS, TRX, and ETH placed first, second, and third respectively. On the other hand, XRP came in in the twentieth position. The CCID is a Chinese government-backed institution that offers periodic listings of cryptos.
Impending BTC Halving Significant
According to Weiss Ratings, the impending Bitcoin halving is essential to it maintaining its excellent rating. The event halves the compensation( new coins) due to miners that secure the blockchain with every new block they create.
Moving forward, transaction fees will serve as compensation for new blocks created. As such, no further coins will be made.
Coinbase asserts that the halving will raise BTC’s value likening it to digital gold. It bases its assertion on the technological benefits, enhanced development, and flourishing international market arising from the event.
2020 saw BTC surge past the $10k mark for the first time. At the start of last year, its price was $7,227. However, it has consistently kept on growing, reaching its current value of $10,140. This price amounts to a 40 percent rise since the start of 2020.