In the face of the current bear market in cryptocurrencies, Cardano’s inventor has claimed that the network can do nothing.
Cardano’s development team has a long history of innovation, but the price has dropped by more than 80% from its all-time high.
Over the previous few months, cryptocurrencies have been writhing under a strong pessimistic attitude. Cardano (ADA) appears to be the hardest hit of the bunch, with its founder claiming that “no news makes a difference.”
The bear market is in charge.
Cardano founder Charles Hoskinson has spoken out on the state of the cryptocurrency markets. Hoskinson confirmed that the markets are negative, and that Cardano’s outstanding innovations are being eclipsed by broader macroeconomic causes.
Cardano, he asserted, had “gotten all the foundations right,” with the network moving to become quicker, more decentralized, and more user-friendly. Despite all of the innovation, a Twitter user asked Hoskinson why the ADA was still declining.
“It’s known as a bear market.” That’s how it works. Nothing is going to change that. “It doesn’t matter what announcement you make,” Hoskinson remarked. “Cardano could cure cancer, give you a personal poker-playing robot, and still drive Grandma to church on Sundays, and we’d still fall.”
Cardano prides itself on being an industry-leading network, but that hasn’t stopped detractors from pointing out flaws. The network has been chastised for its glacial development, with smart contract capability only becoming available last year. Some detractors have even claimed that Cardano’s innovativeness is simply a result of the project’s founder’s hype.
Cardano was the first third-generation blockchain to introduce a true proof-of-stake, euxto, hard fork combinator, and just announced input endorsers and sidechains, he said in response to critics. With a cooperation with Hansen Robotics and SingularityNET, the network famously launched its entry into Artificial Intelligence by developing an Android robot to perform the duties of a caregiver.
The bears’ impact on Cardano ADA, the project’s native coin, is currently trading at $0.48, up a whopping 12 percent in less than 24 hours. The project’s market capitalization has plummeted, and it now ranks as the seventh largest cryptocurrency at $16.4 billion.
The network’s stats are the polar opposite of what they were in 2021. ADA hit an all-time high of $3.10 in September 2021, making it the third-largest cryptocurrency behind Bitcoin (BTC) and Ethereum (ETH) (ETH).
Rumors are circulating that Hoskinson sold a chunk of his ADA holdings prior to the bear market’s commencement. Critics believe that this is why ADA has dropped by as much as 84 percent from all-time highs, making it appear to be one of the most vulnerable crypto assets.
