Cardano, as many altcoins are currently in a tough spot. The project, founded by Charles Hoskinson, one of the largest in the sector, is already underway it lost more than 80% of its value from its ATH. Its founder explains the reasons for this fall.
Cardano is strongly influenced by the bear market
When asked about the reasons behind Cardano’s ignition delay, Charles Hoskinson clearly points to the deteriorating market situation. Regardless of the innovations or new projects planned on the blockchain, macroeconomic conditions eventually prevail and drive down the price.
The founder of Cardano says:
This is called a bear market. This is what is happening. Nothing changes it. No ads make a difference. Cardano could cure cancer, give you a personal robot that also plays poker and drives your grandmother to church at the weekends, and we still want to fall.
The ads, especially Vasil’s hard fork, do nothing about it, Cardano seems like the whole market is descending day by day.
A deeper evil?
However, market conditions are certainly not solely responsible for Cardano ‘s ill health. The project presents itself as an atypical and innovative project. However, there is a lot of criticism of the blockchain within the crypto sector. For many analysts, Cardano is above all a master of the art of communication especially around Charles Hoskinson’s releases, rather than offering real technological advances.
Analysts also point out that there are numerous delays in the development of the project. especially on the integration of smart contracts. It is true that when comparing Cardano with its main competitors such as Solana or Avalanche, one can only help to notice a difference in the speed of execution in the development of the project. It’s repeated criticism and ridicule, especially on Twitter.
In response to his detractors, Charles Hoskinson highlights the various innovations that make Cardano a separate blockchain. He points his finger at the fact that Cardano is the first third-generation blockchain to integrate proof of promise. It also recalls the various innovations that were integrated after the hard forks voted by the Cardano community.
Cardano is priced far from its ATH at $ 3.10, reached in September 2021. Currently, ADA is trading around $ 0.47 but it still holds a place in the top 10 of the largest capitalists in the crypto market. The circumstances of the market are clearly part of the decline, but it is what remains the project has a long way to go. The coming months are sure to be decisive if Cardano is to position itself as one of the most innovative and ambitious solutions on the market.
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