Weiss Ratings, an American investment data provider, has upgraded its Bitcoin rating to an A-, making the digital currency an “excellent” investment option.
The rating agency pointed out the “improving fundamentals and positive price action ahead of Bitcoin ’s next Halving ” behind its decision to upgrade the digital currency.
#Bitcoin, recently upgraded to A-, should surpass its 2019 high, confirming the new #BTC bull market that began in December of 2018. But first, don’t be surprised if $BTC suffers a short-term correction.
— Weiss Crypto Ratings (@WeissCrypto) February 7, 2020
Bitcoin network undergoes halving every four years, when the block mining reward halves for every mined block, limiting the supply of Bitcoin. The next halving is anticipated to hit the network in May and will reduce block reward to 6.25 Bitcoins from the current 12.5 Bitcoins.
Indeed, Bitcoin’s price history has always shown a trend of a rally before halving every four years. The firm also acknowledged the start of a Bitcoin bull run last December and believes that the rally can touch a new high.
An ongoing bull run
After achieving a record high in December 2017, Bitcoin slumped down to below $3,500 before pivoting towards a positive movement. The coin recently surpassed $10,000 mark, gaining 40 percent since the beginning of the year.
It, however, also warned about a short-term correction in the price.
Weiss started to rank cryptocurrencies in January 2018 when the digital asset market was at its peak.
Coinbase, a leading US-based crypto exchange, also believes that the upcoming halving will put Bitcoin closer to being digital gold.
“Armed with a myriad of technological advantages, accelerating development, and maturing global market, Bitcoin is a store of value to rival gold in the digital age,” the exchange stated.
Apart from Bitcoin, the company also praised Tezos for the “success” of the project. It pointed out four key features - flexible network management, code without bugs, 5 percent of dividends on stored assets, and real decentralization - as the strong features of the project.
One area where #Tezos notably falls short is processing speed, which maxes out at just 50 transactions per second. Future updates may take care of this, but the proposals we’ve seen so far are unimpressive and lackluster.#XTZ #crypto #cryptocurrency
— Weiss Crypto Ratings (@WeissCrypto) February 8, 2020
