Hoskinson also conceded that no announcement could make a difference. Hence, the ADA price will keep struggling to gain any traction despite the protocol’s improving technical functionalities and the growing number of community members.
Hoskinson then joked how Cardano would still fall as part of the broader cryptocurrency bear market even with its miracle performance.
ADA/USD was last trading around $0.69 per token, down about 7.0% on the day and at its lowest since January 2021.
Since its mid-April highs of just under $1.25 per token, ADA has lost about 45% of its value. ADA/USD has more or less been in constant decline since it hit record highs above $3.0, last September. At current levels, the drawdown from record highs is now around 77%.
Considering the current context, the on-chain data is extremely negative for the whole market. Since early April, cryptocurrencies have been under intense selling pressure. Moreover, the breakdown between LUNA and Bitcoin has also left much confusion among investors.
The Cardano founder is not the first well-known figure to confirm this dreaded cycle. Previously in February, other similar statements were also announced by Ethereum founder Vitalik Buterin and Huobi co-founder Du Jun in which the market has entered a “crypto winter” period.
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