Picture Source: Pixabay

Ever since the cryptocurrencies got recognized by the Wall Street, they have been on everyone’s radar – be it investors, market or the asset rating agencies!

Last Month, Florida-based Weiss Ratings became the first rating agency in the world to release cryptocurrency ratings for more than 70 cryptocurrencies. These grades were calculated based on metrics like risk involved, performance, track record, fundamentals, accuracy, innovation, etc.

(Source: https://weisscryptocurrencyratings.com/)

The report was full of surprises. After all, the agency claims to rigorously analyze every coin they rate!

Picture Source: Pixabay

The first surprising revelation by the agency report was that none of the cryptocurrencies could make it to receive an “A,” not even the Bitcoin –the one dominating the cryptocurrency market! It flunked in the Risk and Technology Indexes of the asset rating agency.

Another surprise was Ethereum receiving a higher rating over Bitcoin and Ripple. Really?

Well, when asked about the trustworthiness of the ratings by Weiss ratings the experts have mixed opinions. Some are of the opinion that the ratings can very well be trusted and this is just the beginning of many more ratings to come up in future, while others are skeptical of Weiss ratings.

While the industry experts are still divided on their opinions of Weiss ratings, the six topmost cryptocurrencies are said to have sunk in the past 24 hours. Bitcoin and Ethereum were down by 4.6% each while Ripple’s XRP lost value by 6.3%. This was followed by a massive cyber-attack against a Japanese cryptocurrency exchange resulting in $400 million. This can be termed as one of the biggest thefts of digital funds. With similar threats of attacks in other countries like China and South Korea, the US regulators have been more alert in increasing the scrutiny parameters for cryptocurrencies.

Whatever it is, it seems cryptocurrency is struggling to match the 2017 hype! What is your opinion on this?