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The founder of Cardano claims that cryptocurrency is in a bear market

Cardano founder Charles Hoskinson suggested that cryptocurrencies have entered a bear market in a recent tweet.

Hoskinson admits that no announcement will have an impact. As a result, despite the protocol’s expanding technical capabilities and growing community. Also, the ADA pricing will continue to struggle to acquire traction.

ADA has underperformed this year, plummeting by more than 43% since the start of the year. That’s, after recording big gains in 2021. It is now down 77.44% from its all-time high in early September, just before the smart contract debut.

Nearly 900 Cardano-based projects are now in development, according to Input Output. The number of ADA wallets sold surpassed three million in February.

According to Messari data, the number of active addresses on the blockchain has dropped to its lowest level since August.

Image : messari.io

According to DefiLlama data, Cardano has yet to build its killer app. It’s now ranked 31st by total value locked (TVL). According to DefiLlama data, Minswap and SundaeSwap have lost 41% and 36% respectively in just one month.

In a severe selloff earlier today, the price of Bitcoin on the Bitstamp market fell to $33,265. That’s, its lowest level since January 24.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.