Weiss Ratings: Cryptocurrency Market Set to Bottom Out and Rebound

The cryptocurrency rating agency Weiss Ratings claimed in its latest weekly market commentary that the recent rebound from the bottom indicates that prices will soon find strong support at current levels and bounce back.

According to the report by Weiss Ratings, the institution cited its Weiss 50 Crypto Index (W50) and noted that the W50 Crypto Index has dropped by 16% since last week, but saw a slight recovery over the weekend, maintaining a decline of 10.8%.

Comparatively, Weiss Ratings' Mid-Cap Crypto Index (WMC) and Small-Cap Crypto Index (WSC) only dropped by 8.65% and 3.3% respectively. Weiss Ratings stated:

This tells us that the sell-off is not across the board, with major declines seen in prominent projects such as Ethereum, Ripple, and Litecoin, while lesser-known altcoins are relatively performing better. These signs indicate that the market is gradually approaching the bottom.

Weiss Ratings also tweeted:

In fact, smaller projects this week did not show significant signs of decline, indicating that the sell-off in the market has no impact. This may also suggest that the crypto market is nearing a strong support level and poised for a rebound.

Fact that the small caps were virtually unaffected by bearish price action this week is a signal that this market sell-off probably doesn't have legs. It could also mean that #crypto markets are close to finding good support levels from which they can consolidate and even rally.

— Weiss Crypto (@WeissCrypto) December 23, 2019

In addition, Weiss Ratings criticized cryptocurrency analyst Tone Vays on Twitter:

Tone Vays claimed that Bitcoin dominance will rise and crush competitors including EOS and Cardano. This claim is baseless. He also once said that the Ethereum founder would be jailed for selling securities, but he was wrong then, so his predictions today are no exception.

#BTC's rising dominance will “destroy” competitors including #EOS and #Cardano, says Tone Vays. There is no basis for this claim. Remember when he claimed #ETH founders would be locked up for selling securities? He was wrong then, and this "prediction" is no different.

— Weiss Crypto (@WeissCrypto) December 23, 2019

It is reported that Tone Vays asserts that Bitcoin's dominance will increase again next year, growing to 90%, 95%, or even ultimately reaching 98%. Meanwhile, other altcoins will face more stringent survival challenges.

Notably, Weiss Ratings has been mentioning Cardano ADA on Twitter this year, referring to it as a truly decentralized blockchain project based on proof of stake. Cardano is actively transitioning to a proof of stake mechanism, with its staking testnet Shelley testnet recently launched and showing steady growth.

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• 2019 Crypto Market Review: IEOs We Invested Together
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