Key Ideas:
- Recently, Cardano's native coin was the subject of Alex Svanevik's Twitter attack.
- Given ADA's poor price performance this year, Svanevik's prognosis seems to have come true.
- Prior to the September Vasil hard fork, when ADA initially started to gain traction, it has been unable to do so ever since.
- The next bull market cycle, according to Bobby Lee, a seasoned bitcoin investor, won't start until 2025.
Alex Svanevik, the CEO and inventor of the blockchain analytics company Nansen, has made Twitter threats against Cardano's native cryptocurrency.
Cardano bros never thanked me for this. https://t.co/w7d1OGy3eI
— Alex Svanevik š§ (@ASvanevik) December 25, 2022
He wrote, "Cardano brothers never thanked me for this." This was the assertion Svanevik made in March when he remarked, "Last chance to sell ADA above $30B market cap."
Given ADA's poor price performance this year, Svanevik's prognosis seems to have come true. A staggering 91.67% of the cryptocurrency's value has been lost since its high. It has also lost 81% of its value this year, exceeding the Shiba Inu meme coin (77%).
Prior to the Vasil Hard Fork, ADA Initially Gained Traction in the Short Term
Although ADA initially picked up speed before the Vasil hard fork in September, it hasn't been able to do so subsequently. Despite its dismal performance, ADA continues to rank among the top 10 largest cryptocurrencies by market cap, with a value of around $9 billion.
Svanevik's foresight may have spared some investors this year from incurring significant losses, but going into 2023, it doesn't appear that there is much cause for optimism for those still holding onto their ADA coins. The market is still in a pretty depressing mood as the industry works to recover from the FTX crash and the U.S. The strong monetary policy of the Federal Reserve is unchanging.
The next bull market cycle, according to expert cryptocurrency investor Obby Lee, won't start until 2025. Given that Svanevik supports Ethereum, a significant rival of Cardano, his criticism of ADA is justified. Since its peak, the value of the cryptocurrency Ether has dropped by 75.14%.
