On Nov. 21, Weiss Crypto reported that it had upgraded Chainlink to an “A-” rating.
This has propelled the Oracle network token to second place after Bitcoin. Furthermore, it is the only other A-rated crypto asset aside from BTC.
Weiss noted that its rating algorithm takes into account a series of factors such as “historical data, tech and adoption developments, and market performance.”
We have just upgraded Chainlink to an “A-” rating.
That makes $LINK one of the only two cryptocurrencies currently in our “A” range, along with $BTC.
What do you think of this development? Let us know down below.
— Weiss Crypto (@WeissCrypto) November 20, 2023
Chainlink Fundamentals Strengthen
Bitcoin and Chainlink are industry leaders, according to Weiss. Moreover, there are only a few digital assets in the B category.
These include 0x (ZRX), Cardano (ADA), Polygon (MATIC), Status (SNT), and Ethereum (ETH). The first four of these were also recently upgraded by the ratings agency.
There are sixteen crypto assets in the B- category, and three of them have been downgraded. These include Aave (AAVE), Loom Network (LOOM), and Stellar Lumens (XLM).
Weiss rates 324 crypto assets in total; just a handful of them are ranked A or B. There are 109 in the C category, and the majority, or almost 60%, are rated as D or E.
On Nov. 21, Weiss analyst Chris Coney cautioned against greed during bull markets and advised newbie investors to start with Bitcoin.
“In my personal opinion, no one should be touching any other crypto asset if they have not yet established a foundational position in Bitcoin.”
However, it appears that the firm has also put Chainlink on the same pedestal as Bitcoin.
Moreover, LINK has outperformed BTC over the past month, with Bitcoin making around 25% and the former surging 50% over the past 30 days.
LINK Price Outlook
Chainlink prices have cooled off over the past 24 hours, dropping 4.8% to trade at $14.30 at the time of writing during the Tuesday morning Asian trading session.
Moreover, LINK topped $16 earlier this month, its highest price since April 2022. It is currently correcting but has doubled in price since mid-October.
The recent pullback has also been seen as an entry point for further gains.
The aggressive entry zone on $LINK was valid enough for a bounce of 15-20%.
If an #Altcoin corrects around 20-50% in the current market conditions, it’s almost always an entry. pic.twitter.com/eIjumzV37F
— Michaël van de Poppe (@CryptoMichNL) November 20, 2023
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