Bullish Market day after the publication of the Weiss Crypto Rating
As mentioned yesterday by me on my blog and by other fellow Bloggers, for the first time a Wall Street related rating Firm emitted a rating for some of the cryptocurrencies in the Market. No further news shock the Market today which turned bullish confirming a rebound from the lows marked after last's week FUD. We look eagerly for tomorrow as Chicago Futures expire, and some capitals may be released to invest directly in the crypto market.
In case you missed the report, please check my review from yesterday here
Did the report move the market?**
Let's look at the best movers of the day, considering the report was out more than 24 hours ago, we could be missing some data. For that we will check directly on the charts on 1 one hour candles.
1. #EOS B
Assuming a market time of around 18:00 GMT, enough time for US and Europe to get to the news, we could confirm that a spike with a top on 15% price increase happened in the hours after the release of the Ranking. Coincidentally the upper line is a recent resistance for EOS at around USD 15.
2. #ETHEREUM B
In ETH we can see more discrete reaction, with only a 8% spike after the publication of the list, there is afterwards a correction, which happened today. Probably the Asian market took the rating grade more positive than Europe and America. Also is to be note that the 1000 mark was a strong resistance after the correction.
3. #CARDANO B-
One of my favorite coins, which I have a lot of hopes to be the next Ethereum due to the team behind it, and also the stellar rise in so short time since its release in October.
As seen in the graph below there was a 13% rise in the ADA valuation, also same as with ETH and EOS the Asian Market put the most volume into it.
4. #NEO B-
Same as with ETH, this coin only reacted with a middle enthusiasm with a 7.6% spike to reach the 147 USD per coin, from 136 which was trading at the moment of the release.
5. #STEEM B-
Last but not least in our empiric check, our beloved Steem, which lately is only giving us better rewards due to its increase in price. For many was a surprise to see it at the top with some of the other biggest contestant, to us was more than clear that it deserved this rate, if not a plain B.
According to our measurement, Steem took a nice swing after the release, getting a 33% price increase!!! By far was the most benefited from the news, probably due to the low profile of the project from investors who were not aware yet of how well the platform is performing.
Some clarifications on the report
There were some overreactions from part of the community like those who started a DDoS attack to the Weiss Rating website due to the C rating given to BTC link to article. Regardless of my thoughts on BTC as an investment and not about the technology of feasibility, etc. the report was a first approach to Cryptos as an asset class by people with decades of experience in traditional markets.
As made clear by one of their representatives, no coin got an A only due to the volatility, making their point clear A, B are investment grade, and C is hold, so neutral, which does not mean is necessarily a bad investment. Or in their own words,
Why don’t we give Bitcoin an A? Actually, thanks to Bitcoins strong adoption, brand, and security, it does merit an A … but only on our Fundamental Index.
Problem: That’s just one of our four major metrics. Meanwhile, Bitcoin falls short in two other important areas: Our Risk Index, reflecting extreme price volatility and our Technology Index, reflecting Bitcoin’s weaknesses in governance, energy consumption and scalability. As soon as the metrics on these improve, an upgrade for Bitcoin is likely.
Also, considering that BTC did not went down to 8K I do not see why so much drama about it. As said in other ocasions the investment comunity is lacking maturity so far, and this is another example. Give the some news spreading FUD and the market crashes, give EOS an investment grade and it only climbs 15%.
If you want to know more about the criteria taken by the rating company please check this link
So guys have a good night and let our Lord of the Cryptos wake you tomorrow with a market green as the valleys in Switzerland after the rainy season...