Cardano network makes great strides, Hoskinsown shines in the bear
market The cryptocurrency market is fluctuating with a strong bearish trend over the past few months. Cardano (ADA) seemed to be one of the most difficult successes when the project founder stated that "there is no statement that makes a difference".
The bear market dominates the supreme
Cardano's founder has stated that the network can do very little in the face of the prevailing bear market that is facing cryptocurrencies.
Cardano's development team has a series of exciting initiatives but prices are down more than 80% from an all-time high.
Cryptocurrencies are fluctuating under a strong bearish sentiment over the past few months. Cardano (ADA) seemed to be one of the most difficult successes when the project founder stated that "no announcement makes a difference".
Charles Hoskinson, founder of Cardano, confirms that the market is sinking deeper into the context of price declines and that Cardano's outstanding innovations are being overshadowed by broader macroeconomic factors.
He claimed that Cardano had "followed all the fundamentals" through the network making moves to be faster, more decentralized, and attract more users to the ecosystem. One Twitter user asked Hoskinson why the ADA kept slipping despite all the innovations.
"Yes, it's called the bear market. That's what happens. Nothing changed it. Hoskinson said. "Cardano can avoid censorship with negative words, give you a personal poker-playing robot that can also take her to church on the weekends, and we'll still fall."
market prides itself on being an innovative network in the industry but it hasn't stopped critics from poking holes in it. The network has been called upon because of the slow pace of development with the Smart contract function only launched last year. Some critics have argued that Cardano's innovation is just an exaggeration of the project's founder.
He has responded to critics that Cardano is the first third-generation blockchain to launch the niche proof-of-stakes, euxto, hard fork combination and recently launched input validators and sidechains. The network made a breakthrough in the field of Artificial Intelligence when it partnered with Hansen Robotics and SingularityNET to create an Android robot to perform the tasks of a caregiver.
The bears' impact on Cardano
The ADA, the original token of the project is trading at $0.48, up a staggering 12% in less than 24 hours. The project's Market Capitalization hit a big hit and stood at $16.4 billion to rank as the 7th largest cryptocurrency.
The indicators around the network are in stark contrast to the highs reached in 2021. The ADA reached an all-time high of $3.10 in September 2021 and was once the third largest cryptocurrency asset after Bitcoin (BTC) and Ethereum (ETH).
In the midst of the lows, there are rumors swirling that Hoskinson dumped part of his ADA holdings before the start of the bear market. Critics suggest that this may be why the ADA is down as much as 84% from an all-time high that appears to be one of the most affected cryptocurrency assets.
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