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Market rating firm Weiss Crypto has upgraded Cardano to an elite group occupied by only the two largest cryptocurrencies by market cap, Bitcoin and Ethereum.
Cardano recently surged past the psychological $1 price mark, hitting a multi-year high on Friday. ADA’s upsurge placed it among the top gainers in high-caliber cryptocurrencies, outperforming every other crypto asset in the top ten rankings.
Meanwhile, Cardano’s price is not the only metric that received a boost, as its rating also got upgraded. Crypto rating firm Weiss Crypto announced on November 22 that Cardano had attained a new ranking following the project’s solid performance.
Cardano Joins the “A” Crypto Asset Class
According to Weiss Crypto, Cardano has joined an exclusive digital asset class occupied only by the two leading cryptocurrencies, Bitcoin and Ethereum. The rating firm upgraded Cardano from a “B+” asset to “A-” following its solid market performance.
Notably, Weiss Crypto marks the “A” class as an excellent crypto asset, as the group’s occupants tick major market criteria. The firm ranks Cardano as an “A” asset because it marks excellence in adoption, technology, and overall market performance.
However, Cardano’s excellent classification ranks in the lower third of the letter grade. The A rank has an “A+,” “A,” and “A-,” and Cardano occupies the lowest grade.
Meanwhile, Ethereum ranks in the same grade as Cardano, with Bitcoin’s rating trumping both. The pioneering crypto asset has an “A” tag, with Weiss Crypto attaching a “strong buy” recommendation to its label.
Cardano’s Growing Adoption Prompts Upgrade
Notably, Cardano’s upgrade was expected following recent developments in its ecosystem. For context, the Cardano ecosystem partnered with BitcoinOS to unlock smart contract features on the Bitcoin network.
The relationship would also bridge liquidity to the Cardano chain, allowing access to Bitcoin’s over $1.9 trillion market cap. Bitcoin developers could also deploy decentralized applications on their chain and pay transaction fees with BTC.
Furthermore, the prospect of founder Charles Hoskinson’s involvement with creating US crypto policy and the traction it brings to the Cardano ecosystem has drawn institutional adoption to the chain.
Other Assets Rankings
Meanwhile, notable assets like Solana, Dogecoin, and XRP rank highly on the Weiss Crypto rating. For instance, Solana has a “B+” badge, accruing a B in technology and adoption but an “A+” in market performance.
XRP has a “B” grade tag, getting a “B” in technology and a “B+” in market price performance. Also, Dogecoin is tagged “B,” with a “B” rating in adoption but a “C+” in price performance.