Ethereum Edges Towards All Time High as Bitcoin Stagnates
Ethereum is currently bucking the trend amongst the big four Cryptocurrencies, nearing an all time high price while Bitcoin remains 16.88% down on its January high of $17,000. At the time of writing, Ethereum is trading at $1,150.
The spike represents somewhat of a surprise, given the relative correlation between the largest cryptocurrencies we’re used to seeing, and while Bitcoin has recovered from the crash that took it as low as $9,800 in mid-January, the price has continued to fluctuate at a difference of 2-3% over the month. Ethereum’s price has risen 61% in the same period, resulting in its current position near its all time high.
The news comes as the second most popular token enjoyed a solid rating in the Weiss Cryptocurrency Ratings ranking, achieving a B grade, which places it as the highest rated crypto out there. Bitcoin achieved a C+ rating due to “major network bottlenecks”, “delays” and transaction fees.
But don’t expect to see an A-rated currency any time soon, at least not until the price volatility has settled down. “That’s the number one source of misunderstanding between our model’s results and the grades that most folks in the cryptocurrency space expected: That big price volatility. That’s the main reason we have no As on our list right now,” explained a Weiss representative to The Express.
However, the company did admit that these rankings are to be taken with a pinch of salt, as the volatility is not only represented in a token’s price, but also the mechanisms that carry it and the constant potential for increased regulation and cyber criminality. “With the cryptocurrency industry being so young and with so many companies vying for space, I am not sure what it means to rank these companies. The speed of change in this space renders any ranking irrelevant after a few weeks. In any new industry, there tends to be many that enter but few survive.”