Cardano Becomes ‘AA-Rated’ Asset, Joining Bitcoin and Ethereum as Members of an Elite Group

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Cardano becomes an “A” asset, joining Bitcoin and Ethereum in an elite group
Cardano becomes an “A” asset, joining Bitcoin and Ethereum in an elite group
November 23, 2024


Cardano ADA

Market ratings firm Weiss Crypto has upgraded Cardano to an elite group occupied only by the two largest cryptocurrencies by market cap: Bitcoin and Ethereum.
Cardano recently broke through the psychological $1 level, reaching multi-year highs on Friday. ADA’s gains have made it the fastest-growing asset among the top cryptocurrencies, surpassing every other crypto asset in the top ten.
Meanwhile, Cardano’s price wasn’t the only metric to gain a boost, its ratings also received an upgrade. Crypto ratings firm Weiss Crypto announced on Nov. 22 that Cardano has achieved a new ranking following the project’s solid performance.
Cardano joins the “A” grade crypto asset class
According to Weiss Crypto, Cardano has joined a unique digital asset class occupied by only two leading cryptocurrencies – Bitcoin and Ethereum. The ratings firm upgraded Cardano from a “B+” asset to an “A-” rating to reflect its solid market performance.
Notably, Weiss Crypto labels “A” grade as excellent crypto assets because members of this group meet major market criteria. The firm rated Cardano an ‘A’ asset due to its strong performance in terms of adoption, technology, and overall market performance.
However, Cardano’s excellent classification is in the lower third of the letter grade. The A grade includes “A+”, “A” and “A-”, with Cardano being at the lowest grade.
Meanwhile, Ethereum is rated the same as Cardano, while Bitcoin is rated higher than both. The seminal crypto asset is labeled “A,” with Weiss Crypto attaching a “Strong Buy” recommendation to its label.
Cardano’s growing adoption prompts upgrade
Notably, Cardano’s upgrade was expected following recent developments in its ecosystem. To provide context, the Cardano ecosystem is working with BitcoinOS to unlock smart contract capabilities on the Bitcoin network.
The relationship will also provide liquidity to the Cardano chain, allowing access to Bitcoin’s market cap of over $1.9 trillion. Bitcoin developers can also deploy decentralized applications on its chain and use BTC to pay transaction fees.
Additionally, the prospect of founder Charles Hoskinson’s involvement in U.S. crypto policy and the appeal it brings to the Cardano ecosystem has spurred institutional adoption of the chain.
Other asset rankings
Meanwhile, notable assets like Solana, Dogecoin, and XRP rank high on Weiss Crypto’s ratings. For example, Solana has a “B+” label, receiving Bs in technology and adoption, but an “A+” in market performance.
XRP was given a “B” grade, receiving a “B” in technicals and a “B+” in market price performance. Additionally, Dogecoin was labeled a “B,” receiving a “B” in adoption but a “C+” in price performance.

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