Weiss Crypto Upgrades Cardano (ADA) to an Elite Group Occupied by Bitcoin and Ethereum

Cardano recently surged past the psychological $1 price mark, hitting a multi-year high on Friday. ADA's upsurge placed it among the top gainers in

Cardano has received an upgrade in its crypto asset class from market rating firm Weiss Crypto, joining an elite group consisting of only the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum.

This upgrade follows Cardano's recent surge past the psychological $1 price mark, hitting a multi-year high on Friday. ADA's upsurge placed it among the top gainers in high-caliber cryptocurrencies, outperforming every other crypto asset in the top ten rankings.

But Cardano's price isn't the only metric that received a boost, as its rating also got upgraded. According to the crypto rating firm Weiss Crypto, Cardano has attained a new ranking after the project's solid performance.

This new ranking sees Cardano joining an exclusive digital asset class occupied only by the two leading cryptocurrencies. The rating firm upgraded Cardano from a “B+” asset to “A-” following its solid market performance.

Weiss Crypto classifies the “A” class as an excellent crypto asset, as the group's occupants tick major market criteria. The firm ranks Cardano as an “A” asset because it marks excellence in adoption, technology, and overall market performance.

However, Cardano's excellent classification ranks in the lower third of the letter grade. The A rank has an “A+,” “A,” and “A-,” and Cardano occupies the lowest grade.

Meanwhile, Ethereum ranks in the same grade as Cardano, with Bitcoin's rating trumping both. The pioneering crypto asset has an “A” tag, with Weiss Crypto attaching a “strong buy” recommendation to its label.

Cardano's upgrade was expected following recent developments in its ecosystem. For context, the Cardano ecosystem partnered with BitcoinOS to unlock smart contract features on the Bitcoin network.

This relationship would also bridge liquidity to the Cardano chain, allowing access to Bitcoin's over $1.9 trillion market cap. Bitcoin developers could also deploy decentralized applications on their chain and pay transaction fees with BTC.

Furthermore, the prospect of founder Charles Hoskinson's involvement with creating US crypto policy and the traction it brings to the Cardano ecosystem has drawn institutional adoption to the chain.

Other Assets Rankings

Solana has a “B+” badge, accruing a B in technology and adoption but an “A+” in market performance. XRP has a “B” grade tag, getting a “B” in technology and a “B+” in market price performance. Also, Dogecoin is tagged “B,” with a “B” rating in adoption but a “C+” in price performance.