Crypto phenom David Gokhshtein, a former US politician, says that 2 altcoin projects are solid players in the face of bear markets.
David Gokhshtein highlights the resilience of these 2 altcoin projects during bear periods
David Gokhshtein, known as a politician, says Cardano has shown tremendous strength to the bears, even though he said it would collapse in the 2018 bear market. These estimates come even though sellers have eroded the ADA price somewhat. However, the ADA price still hasn’t suffered a major crash as many previously predicted in bear markets.
In 2018, during the start of the previous bear market, they stated none of these protocols like $ADA and $VET would survive.
The 90% of all of these protocols would go exist.
They were wrong.
— David Gokhshtein (@davidgokhshtein) October 13, 2022
Gokhshtein details his thoughts with historical data in the tweet above. The crypto phenomenon has recently tried to highlight ADA’s determination in the face of current challenges, despite saying it would crash in the 2018 bear market. He noted the following about ADA and VET in a tweet today:
At the start of the previous bear market, they said that none of the projects like ADA and VET will survive 2018. 90% of these protocols would disappear. They were wrong.
2018 was one of the toughest years for the cryptocurrency market
Historically, 2018 was one of the toughest times for the cryptocurrency market. After hitting over $19,400 in December 2017, the value of Bitcoin (BTC) has dropped by almost 80%. It deepened to $3,900 at the end of 2018. In a declining market, the year before the 2018 crypto crash invited ADA to the crypto scene. Despite reaching $1.17 at the beginning of 2018, Cardano’s price action quickly met the demands of the bears. ADA experienced a sharp free fall below key supports. The bear market in 2018 continued in 2020. It pushed ADA to a low of $0.023 in March 2020. It then peaked at $1.17 in January 2018 before starting a breakout. It consolidated below $0.1 for about a year after that.
Some analysts said that similar projects will eventually collapse due to 80% losses of ADA and VeChain (VET). Others argued that most new projects would not survive due to the intense wave of FUD from that era.
Cardano manages to survive despite harsh conditions
ADA didn’t just survive the previous bear market. It also managed to stay in the top 10 cryptos for seven consecutive quarters despite the ongoing negative market conditions. Since the first quarter of 2021, Cardano has consistently ranked among the top 5 altcoins. In the years that followed, it broke a record $3.10 in September 2021 after getting out of the bears’ control in 2020. Despite losing more than $2 billion in value since the beginning of October, it maintains its position. Even though it’s not what it used to be, Cardano is still one of the permanent names in the top 10.
As you can follow from Kriptokoin.com, the reaction of the market to the CPI data of October 13 was downward. However, the ADA does not seem to give up. Currently, it is down 3.17% from the last 24 hours and 12% from last week. Meanwhile, Grayscale did not choose to shrink ADA’s share in its smart contract fund despite the current bear market.
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