Five cryptocurrency projects are more technologically advanced than Ethereum, according to a veteran financial ratings agency.
The latest update from Weiss Ratings shows Cardano (ADA), Polkadot (DOT), Tezos (XTZ), Cosmos (ATOM) and Fantom (FTM) have “excellent” technology ratings.
Ethereum (ETH) lags behind with a “good” rating, alongside Holo (HOT), Iota (IOTA), Grin (GRIN), Bitshares (BTS), Algorand (ALGO), and Nexus (NXS).
Weiss Ratings says it utilizes a unique model measuring thousands of data points as it ranks each crypto asset in categories such as technology, adoption, investment risk and market momentum.
As for the company’s overall crypto ratings, Ethereum (ETH) leads the market with an “A-” ranking, followed by Bitcoin (BTC) with a “B” rating. Stellar (XLM) and Cardano (ADA) follow the industry leaders with a “B-” rating.
The rating agency is also analyzing the market as a whole. In a new blog post, analyst Marija Matic shares her take on the crypto market following the passing of El Salvador’s monumental bill to adopt Bitcoin as legal tender.
“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.”
She stresses that fundamentals haven’t changed, but also warns the bulls aren’t out of the woods just 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 provided financial market research and analysis for over 30 years, and published its first crypto rankings in early 2018.