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Ethereum ranks first in the latest cryptocurrency ratings.

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Ethereum ranks first in the latest cryptocurrency ratings.

The cryptocurrency rating agency Flipside Crypto released its "FCAS 25" rating on July 4, with Bitcoin ranking only fourth, behind Ethereum in first place, followed by EOS and Cardano (ADA).

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Flipside Crypto is based in Boston, primarily tracking the overall state of the cryptocurrency industry and backed by companies like Coinbase and True Ventures. It is also one of the rating agencies collaborating with the market data platform CoinMarketCap.

The FCAS 25 represents Fundamental Crypto Asset Score, monitoring the fundamentals of the top 25 projects by total market capitalization, based on criteria such as market maturity, on-chain activity, development progress, and community involvement.

To be included in this rating, a project must maintain a top 25 market capitalization for 40 consecutive days. In the latest ratings released by this agency, aside from Ethereum ranking first, there have been significant changes in the rankings.

MKR, BCH, IOTX, STEEM, XLM, and XVG have all entered the FCAS 25 list.

Projects dropped from the FCAS 25 list include: XRP, ZIL, LTC, RDN, LSK, and ETC. KIN, XMR, and REP have seen declines in their overall rankings but still remain in the top 25.

The agency noted the market's instability in June, with Bitcoin trading sideways after breaking $10,000. However, with the release of the Libra whitepaper, Bitcoin gradually stabilized. Facebook's entry into the cryptocurrency market with Libra has become a new highlight in the industry, and the agency believes that Libra's impact on the cryptocurrency market remains very positive in the short term.

The agency is quite affirmative about Libra, stating:

After countless analyses and reviews of the whitepaper, the system as a payment platform leveraging existing blockchain technologies seems to be a viable solution. The encrypted products offered by Libra are inherently easier to adopt than those of competitors, as it has established good relationships with Facebook and major companies that will run nodes on the network.

Additionally, the agency is tracking projects outside the FCAS 25 list, such as MFT, ENG, CS, and OMG, which are actively working on new versions or significant development efforts. STORJ, NMR, BLZ, and LINK have also shown significant growth in their fundamental scores.

While the agency has a positive outlook on the impact of Libra on the market, it refutes claims that retail demand is driving up Bitcoin prices, stating:

The speculation has finally ended. The price fluctuations of Bitcoin and the surge in on-chain data are actually correlated with a relatively small number of wallet addresses, proving that the rise is being driven by large Bitcoin holders, not a surge in retail demand following the announcement of Libra.

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