The cryptocurrency market continues to decline as Bitcoin displays the lowest daily closes in a long time. The price action of BTC, the largest cryptocurrency by market cap, affects many altcoins. One of them was Cardano (ADA). While ADA showed a decrease of 7.1 percent, Charles Hoskinson shared his new comments on the market. Here are the details…
Cardano founder commented on the market
As reported by Kriptokoin.com, Cardano founder Charles Hoskinson, in a recent tweet, when asked about the poor performance of the native ADA token claimed that cryptocurrencies have entered a bear market. Hoskinson states that no announcement can make a difference. Therefore, despite the protocol’s evolving technical functions and growing number of community members, the ADA price will continue to struggle to gain some momentum.
After posting big gains in 2021, ADA has significantly improved this year. It underperformed and has lost more than 43 percent since the start of the year. It is now down 77.44 percent from the record high reached in early September ahead of the much anticipated smart contract launch. Currently, more than 900 projects are operating on the Cardano network. In addition, the number of ADA wallets is over 3 million. However, the number of active addresses is at its lowest levels in the last 9 months.
Market continues to decline
According to DefiLlama data, which provides data on decentralized finance (DeFi), Cardano has so far placed its decentralized applications, currently ranked 31st in total value locked (TVL). failed to gain momentum. Minswap and SundaeSwap lost 41 percent and 36 percent in one month, according to data provided by DefiLlama.
The asset does not stop losing value and Bitcoin’s declines have continued over the past 24 hours. Most altcoins; Ripple is in a similar or worse position to BTC with massive price drops from Solana, Cardano, Shiba Inu, Polkadot and others. By contrast, NEAR is among the few winners.
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