Cryptocurrencies in Doldrums, But The Rating Agency Ranks Ethereum Above Bitcoin

Cryptocurrencies in Doldrums

Ripple (XRP) outperformed Bitcoin (BTC) and Ethereum (ETH) in Monday trading, thanks to the news that XRP is likely to be listed on a Dubai-based cryptocurrency exchange. Ripple was trading around $1.34 at the time of writing, up almost 3% from the previous day. Ripple has lost a huge portion of its value in the last month despite some great reports of partnerships with the leading payment services companies.

Source: coinmarketcap.com

After trading around $1.45 on Sunday, Ripple fell back amid reports of the theft of $530 million of NEM coins from the Coincheck exchange in Japan.

BitOasis, the leading digital asset wallet and exchange website in the Middle East & North Africa, announced that it would begin listing Ripple on Monday. Previously, Bitcoin and Ethereum were only listed on BitOasis.

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“We’ve decided to introduce XRP trading to meet the increased demand from our customers to add to the list of major cryptocurrencies and digital assets offered on our platform,” said a BitOasis statement issued on Sunday, January 28.

Source: coinmarketcap.com

Cryptocurrencies gained some momentum during the weekend, leading the overall market capitalization to almost hit the level of $600 billion on Sunday. The market capitalization moved sideways last week but traded around the level of the $550 billion. Although cryptocurrencies are declining on Monday, the overall market capitalization stands in the range of $570 billion.  

Surprisingly, the rating agency ranked Ethereum above Bitcoin after closely considering several factors including technological innovation, risk, and other fundamentals.

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According to the report, Ethereum tops the list, while Bitcoin and Ripple remain in second and third respectively. Moreover, the agency has ranked Litecoin (LTC) as fourth.

Cryptocurrency/Fund/Index %7d %YTD
Bitcoin (BTC) -3.96 -20
Ethereum (ETH) +0.71 +28
Ripple (XRP) -21.67 -45
Litecoin (LTC) -7.95 -20
SPDR Gold Shares (GLD) 1.5 3.17

Source: Forbes

Although analysts have mixed opinions on the report from Weiss ratings, the rating agency has yet to award an ‘A’ grade to any cryptocurrency. Excluding Ripple and NEO (NEO), the majority of cryptocurrencies are trading in the red on Monday.

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