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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.

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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.

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