U.S. investment data vendor Webster Ratings rated Bitcoin (BTC) as "excellent" due to its strong price performance, which the site rated it as A-.
Bitcoin upgrades as fundamentals improve
Wechsler Ratings tweeted on February 7th:
"Wechsler Cryptocurrencies now rate Bitcoin as A- (Excellent), thanks to improved fundamentals and price increases before Bitcoin's next halving."
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Previously, in late March 2019, Webster Ratings placed Bitcoin outside of XRP and EOS, ranking it as the best cryptocurrency with a combination of applications and technology. Because XRP and EOS were downgraded due to centralization, and they were B- and C, respectively, and now the level of Bitcoin is higher than these two assets. XRP's current rating is also lower than March's rating A.
In contrast, as one of the friendliest countries in the global blockchain, China also regularly publishes its own cryptocurrency ratings, namely, a technology working group supported by the Chinese state, the Center for Information and Industrial Development (CCID). The latest rating released at the end of September last year ranked Bitcoin 11th.
At the same time, CCID put EOS first, Tron (TRX) second, and Ethereum (ETH) third. XRP, on the other hand, ranks twentieth.
The importance of halving Bitcoin
Webster's rating underscores the importance of the upcoming Bitcoin halving event, which means that new Bitcoin production will be reduced by 50%. Miners who provide protection for the blockchain will receive new bitcoins as compensation for each new block created, confirming that the number of new bitcoins per block will soon fall from 12.5 to 6.25.
In the future, creating new blocks will only be compensated for transaction fees, and no new Bitcoins will be created.
According to Cointelegraph's report yesterday, Coinbase, a major U.S. cryptocurrency exchange, recently stated that halving Bitcoin will bring it (price) closer to digital gold. The company states:
"With countless technological advantages, accelerated development, and an increasingly mature global market, Bitcoin has become a value store that can rival gold in the digital age."
According to a report earlier today, bitcoin exceeded $ 10,000 for the first time this year. Starting from $ 7,227 in 2019, the price of bitcoin continued to rise until the current $ 10,140, a 40% increase since the beginning of the year.