Financial market analyst firm Weiss Ratings claims that at present, purchasing Bitcoin is one of the “best buying opportunities of the year”.
Despite what every headline relating to the cryptocurrencies might be saying, Weiss Ratings has signaled an opportune moment for Bitcoin purchases.
For those who have been following the crypto winter decline, these words are confounding in every sense. That said, there may still be some significant merits to the firm’s words. Within the crypto-market facet of the blockchain industry, the Weiss Ratings which observe and analyze financial markets from what they claim to be an unbiased perspective are something akin to Nostradamus for the cryptocurrency industry due to the notorious bluntness of their reports on financial markets.
In January, as the crypto-market highs began to taper off, the firm published its first cryptocurrency ratings, which naturally garnered attention from every corner of the crypto-globe and even gave the markets a minor stir. At the time, Weiss Ratings marked Bitcoin down as a C+ (fair) and Ethereum as B (good). These scores were reportedly based on “thousands of data points on each coin’s technology, usage and trading patterns”, after which, Bitcoin was scored highly which it owes thanks to “security and widespread adoption”.
However, there were still drawbacks such as network bottlenecks and high transaction costs that prevented it from beating out Ethereum who gained the B rating due to “more readily upgradable technology at better speed”.
For investors at the time, the ratings appeared as a wink and a nod to those who had made the right choices. However, as the year went on, Weiss Ratings began to espouse bearish sentiments. In September, as the declining crypto-markets began their unprecedented freefall, Weiss Ratings Tweeted a prediction wrote a tweet predicting that within five years, Bitcoin would lose its dominance to Ethereum.
#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of ETH’s application is sky itself.
— Weiss Ratings (@WeissRatings) September 18, 2018
Current trends have seen cryptocurrency prices wither have suggested that Bitcoin is the stronger asset in its class, however. Currently, it trades at about 15% of its all-time high, while Ether has fallen well below 10%.
In December, the architect of the Weiss Crypto ratings and price prediction model Juan Villaverde spoke in a video interview with a positive outlook for Bitcoin claiming it would “rise from the dead” in 2019. In the video, he also said:
“We’ve seen a lot of progress on the adoption side throughout 2018, and that pretty much guarantees that we will see a bull market again and Bitcoin will make new all-time highs again.”