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Weiss Ratings Declares Now Best Time to Buy Bitcoin

Weiss Ratings Declares Now Best Time to Buy Bitcoin

Financial market analyst firm Weiss Ratings claims that at present, purchasing Bitcoin is one of the “best buying opportunities of the year”.

Bullish comments

Despite what every headline relating to the cryptocurrencies might be saying, Weiss Ratings has signaled an opportune moment for Bitcoin purchases.

#BTC is getting to such low levels that it’s becoming one of the best buying opportunities of the year. As a store of value, #Bitcoin is here to stay. We truly think it’s the least speculative investment a person can make in #crypto right now.

— Weiss Ratings (@WeissRatings) December 11, 2018

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.

Past claims

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.”

 

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Bitcoin Surges 15%, Biggest Daily Gain Since April

Bitcoin Surges 10%, Biggest Daily Gain Since April

Bitcoin benefited from a 24-hour gain of nearly 15% on Wednesday, the largest daily increase since mid-April.

A fresh bear market began on 14th November, which saw the cryptocurrency shed nearly 40% of its value, with some pundits attributing the loss to the Bitcoin Cash hard fork. Monday, 26th November saw Bitcoin drop to just USD USD 3,600 – its lowest since September 2017.

The rally has Bitcoin back up to USD 4,218 at time of press.

What is behind the surge?

Mati Greenspan, market analyst at the multi-asset brokerage eToro, has said the increase is a price correction of the recent selloff. “The main driver of the market moves is technical,” he said, adding that the cryptocurrency market will benefit from the growth of the blockchain industry in the long run, putting it in a good position for long-term investments.

“We are still scratching the surface,” Greenspan said in regards to online, decentralized payment methods.

Calling cryptocurrencies ”high risk”, he did recommend that investors include them as a part of a diversified portfolio in order to minimize risks.

Other major cryptocurrencies have felt the benefits of Bitcoin’s surge, with Ethereum increasing 16% to hit USD 126, and Ripple rising 13%. The top 45 cryptocurrencies by market cap are indeed all seeing green.

Predicting the bull

One prominent trader, Crypto Rand, shared a Tweet prior to the surge correctly suggesting that an end of day rise would be an indicator for a change in direction Wednesday.

Keeping an eye on the daily close of #Bitcoin.

Looking to print a bullish hammer that could lead the reversal.$BTCUSD $BTC $XBTUSD $XBT pic.twitter.com/zs0LIvRZsr

— Crypto Rand (@crypto_rand) November 27, 2018

Bitcoin has struggled to maintain its value this year with losses of 68% since January, although some observers harbor hopes that this could be the start of a bull run.

 

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