Alex Svanevik, creator and CEO of blockchain analytics firm Nansen, recently attacked Cardano’s native coin through Twitter. He wrote, “Cardano brothers have never thanked me for this.”
The “something” that Svanevik was talking about was a prediction he made in March, which said, “Last opportunity to sell ADA over $30 billion market value.”
It seems that Svanevik was accurate since ADA has had a terrible year in terms of price performance. Moreover, it is down 81% year-to-date, which is greater than even Shiba Inu (77%).
Although ADA saw an initial short-term surge in September prior to the Vasil hard fork, it has failed to gain momentum since then. Although its performance has been dismal, ADA is still one of the top 10 largest cryptocurrencies by market size, with a current worth of almost $9 billion.
Svanevik’s clairvoyance may have rescued some investors from catastrophic losses this year, but those still holding ADA coins in 2023 do not seem to have much reason for hope. With the sector still hurting from the FTX crash and the U.S. Federal Reserve maintaining its hawkish monetary policy, sentiment on the market remains exceedingly bearish.
According to U.Today, prominent cryptocurrency investor Bobby Lee projected that the next bull market cycle will not begin until 2025.
Svanevik’s criticism against ADA is not unexpected given that he supports Ethereum, a key Cardano rival. The Ether cryptocurrency is 75.14 percent lower than its all-time high.
Also Read: A Historical Bitcoin “Merry Christmas Cycle” Might Push BTC Above $1,800,000 Within Four Years
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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