American Firm to Offer Crypto Coverage
EF Hutton boss recently highlighted aspects to be considered in the ranking.
EF Hutton to Offer Coverage of top Cryptos
EF Hutton has revealed that it will start rating some cryptocurrencies. During the Wednesday announcement, the firm revealed it will launch coverage of bitcoin, ethereum, EOS, BTC, XRP, and Cardano. All the cryptos will be rated.
The firm will offer an equity research coverage of firms dealing in cryptos alongside assets. The initiative will begin with Hut8 Mining among other blockchain based firms.
The Ranking Procedure
The rating will be done on a scale of 1 to 5 with five standing in for the most positive performance while one-star will stand in for a poor outlook.
According to EF Hutton boss Chris Daniels, the five-star rating is the highest to be given.
In the ratings, the company will be looking at a number of factors. The number one factor will be the purpose which the product was developed. The purpose for the demand will be considered at first.
According to Daniels, the second factor will be how the product positions itself compared to other products in the same category. After an analysis is done, matters that can influence the supply and demand curve are then looked into.