Weiss Rates Weakest Cryptos, says Now Could Be Good Time to Build Portfolio
Weiss Cryptocurrency Ratings has rated the 12 weakest cryptocurrencies considering factors such as risk and reward, technology and adoption.
Weiss Ratings, a prominent name in the ratings industry, recently started issuing grades on cryptocurrencies and has now come out with a list of the 12 weakest coins.
Citing several factors, including investor risk and reward, technology and adoption, the report gives grades between D and E, with D indicating a ‘weak’ currency and E going with ‘very weak’.
The 12 weakest coins include: AuroraCoin (AUR), Comet (CMT), Electroneum (ETN), Expanse (EXP), Gulden (NGL), Matchpool (GUP), Megacoin (MEC), Novacoin (NVC), PotCoin (POT), Quark (QRK), Rise (RISE) and SaluS (SLS).
Given the current market trend, the report also includes some investment guidelines, advising newcomers to limit their stake to 5% of their liquid assets and avoid buying into the market during parabolic surges.
The report also says that now, when he market is moving sideways after a drop, could be a good time to build a strong portfolio and recommends looking into coins other than the obvious top picks like Bitcoin.
Finally, Martin D. Weiss talks about the risks of leaving digital currencies on exchanges (which are prone to cyber attacks) and discusses the importance of appointing a successor as a cautionary step.
In a post last month, Weiss Ratings also highlighted the issues with Tether (USDT), advising traders to be cautious and use USDT only when necessary, on exchanges which have no fiat pairs.
"The big issue: There’s never been an audit, and the folks behind Tether has been quite shady when asked. They have continuously claimed their tokens are backed 100% by actual dollars, yet they have failed to present any evidence to support this claim," read the post.
Just recently the ratings agency also upgraded Bitcoin’s rating, improving it from a C+ to a B-, on account of developments with Lightning Network:
“It still has major technology challenges, but it’s not dying,” says the agency.