The agency, which was founded in 1971, claim that progress has been made in the cryptocurrency space during 2018 in spite of the gruelling bear market.
Weiss also alluded to the upcoming implementation of the Lightning Network, which will make Bitcoin transactions faster and more efficient.
The report states: “In 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs.”
The report also revealed their bullish bias over a select few altcoins, notably Holochain and Hedera Hashgraph, which are forecasted to become top 10 cryptocurrencies in 2019.
One bright spot for last year was #crypto exchanges showing more maturity in their business model: Know-your-customer procedures are being tightened, but we think exchanges need to be more transparent and audited to prove they own the funds they claim to have. #altcoins #btc
— Weiss Ratings (@WeissRatings) January 4, 2019
“New coins like Holochain, Hedera Hashgraph, and others, although still relatively obscure today, will burst onto the scene and could rocket to the top 10 by market cap,” the report continued.
“These are non-blockchain distributed ledger projects that could become the new trust layer of the internet. As such, their tokens could rise in value more rapidly than those of their blockchain competitors.”
The report concluded: “Many cryptocurrencies are going to disappear for the simple reason that they bring virtually nothing new to the table. Even among the top 10 by market cap, several fit this description, including Bitcoin Cash, Bitcoin SV, and Litecoin. There’s no innovative use case for them. They’re likely to fade away over time.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.