Alex Svanevik, the founder and CEO of blockchain analytics platform Nansen, recently took to Twitter to take a jab at Cardano’s native cryptocurrency. “Cardano brothers never thanked me for this,” he tweeted.
Svanevik was referring to a prediction he made in March, stating, “Last chance to sell ADA above $30B market cap.”
Svanevik appears to have been proven correct, as ADA has had a terrible year in terms of price performance. The cryptocurrency has dropped 91.67% from its all-time high. Furthermore, it is down 81% year to date, which is more than meme coin Shiba Inu (77%).
Although ADA received a short-term boost in the run-up to the Vasil hard fork in September, it has yet to gain traction since then. Despite its poor performance, ADA is still one of the top ten largest cryptocurrencies by market cap, with a valuation of around $9 billion.
Svanevik’s foresight may have saved some investors from massive losses this year, but there doesn’t appear to be much reason for optimism for those still holding ADA coins in 2023. Market sentiment remains extremely bearish, with the industry still reeling from the FTX collapse and the US Federal Reserve refusing to abandon its hawkish monetary policy.
According to U.Today, cryptocurrency veteran Bobby Lee forecasted that the next crypto bull market cycle would not begin until 2025.
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