EF Hutton Initiates Coverage of Cryptocurrencies – BCH Gets 5-Star Rating

EF Hutton Initiates Coverage of 7 Cryptocurrencies - BCH Earns Five-Star Rating

American stock brokerage firm EF Hutton is initiating coverage of seven cryptocurrencies, each given a rating of one to five stars. New.Bitcoin.com talked to CEO Christopher Daniels who shared his firm’s methodology used to analyze the cryptocurrencies and how they are rated.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

EF Hutton Initiating Crypto Coverage

EF Hutton Initiates Coverage of 7 Cryptocurrencies - BCH Earns Five-Star RatingEF Hutton announced on Wednesday, September 5, that this week it is initiating “coverage of bitcoin (BTC), ethereum (ETH), ripple (XRP), eos (EOS), litecoin (LTC), bitcoin cash (BCH), cardano (ADA) and will rate each.”

EF Hutton Initiates Coverage of 7 Cryptocurrencies - BCH Earns Five-Star RatingIn addition to providing crypto coverage, the firm “will also provide equity research coverage of companies involved in cryptocurrencies and other digital assets,” starting with Hut 8 Mining and Hive Blockchain Technologies. “Ratings scale is one star to five stars with five-stars representing a positive outlook and one-star representing a negative outlook,” the firm detailed.

EF Hutton CEO Christopher Daniels told news.Bitcoin.com:

Our rating on BCH is five stars. In our rating scale – 5-stars is the highest and best rating that can be assigned to an instrument. It means that we foresee significant appreciation within the next 12 months.

EF Hutton Initiates Coverage of 7 Cryptocurrencies - BCH Earns Five-Star RatingOther crypto ratings are in EF Hutton’s reports, available to subscribers.

Founded in 1904, EF Hutton provides digital finance services including online investment services. The firm is a subsidiary of Hutn Group Inc., which also owns mobile communications services provider Vibrant Mobility Inc. and integrated social networks and online services provider Megga Inc.

Methodology Used in Crypto Analysis

Speaking of the methodology used in his firm’s analysis, Daniels explained that “EF Hutton evaluates each instrument separately and also in relation to its position vis-a-vis other cryptocurrencies,” adding:

We consider short, medium and long-term factors that will impact the price of the instrument, however our rating is based on our view of the instrument in the next 12-months.

EF Hutton Initiates Coverage of 7 Cryptocurrencies - BCH Earns Five-Star RatingThe first factor his firm considers is “the purpose for which the instrument was originated. We look for intrinsic purpose-driven of demand,” the CEO described.

“Next we look at how the instrument is positioned versus other instruments that may overlap with its originated purpose,” he continued to elaborate. “For example, technology and other factors that may give one instrument an advantage over another instrument.” Illustrating his point, Daniels noted that “A good example of this is BCH’s design to address some of BTC issues,” adding:

After we complete our instrument specific analysis we look to other issues that can impact the supply and demand equation. For example, liquidity. We consider the extent to which peculators attracted to the instrument and thereby add to the liquidity of the instrument.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of EF Hutton initiating coverage of cryptocurrencies and related firms? What do you think of the firm’s BCH outlook? Let us know in the comments section below.


Images courtesy of Shutterstock and EF Hutton.


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The post EF Hutton Initiates Coverage of Cryptocurrencies – BCH Gets 5-Star Rating appeared first on Bitcoin News.


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