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Ethereum has dethroned Bitcoin as the top cryptocurrency, according to Weiss Ratings.
The ratings agency has updated its overall crypto rankings which consider adoption, technology, market momentum and investment risk. Weiss now places Ethereum (ETH) in the number one spot, followed by Bitcoin (BTC), Cardano (ADA), Litecoin (LTC), and Stellar (XLM).
In addition, the crypto ratings agency names Cardano as the coin with the best technology. With the Shelley hard fork a success, Weiss analyst Juan Villaverde says his firm has already factored in the blockchain’s long-awaited upgrade in the coin rankings.
“Shelley is already reflected in our technology model because we had full confidence that it would come out with this (fork). We’re also reflecting on that same model that Cardano is capable of running smart contracts and dApps because we think these things will come out eventually so when Cardano pushes a code update, it doesn’t really reflect on our ratings, unless it’s something new on the roadmap that wasn’t there before…As the fundamentals for the blockchain, that is Cardano, improve over time, it will be reflected in our ratings.”
Weiss also considers Cosmos (ATOM), Fantom (FTM), Tezos (XTZ), and Ethereum as the top coins in terms of technology.
As for the state of the crypto market, Juan Villaverde says the bull rally appears to have more legs as investors continue to focus on large-cap names.
“The second story looks at the small-cap perspective. We’ve seen small caps post stellar gains when a true crypto bull run is underway. This week’s pattern suggests to us that the crypto markets aren’t frothy yet and that higher prices await us still. We usually see the smaller altcoins outperform the broad crypto market once the rally enters its later stages.
The fact that the rally we’ve seen so far – as remarkable as it’s been – has been concentrated mostly in high-quality names tells us that caution still remains high among crypto market participants.”
Weiss Ratings has provided financial market research and analysis for more than 30 years, and published its first crypto rankings in early 2018.
Featured Image: Shutterstock/Sergey Nivens