How Long Will The CryptoWinter Last? Cardano Founder Provides Answers
13 Mai 2022 - 1:00AM
NEWSBTC
It is evident that the market has now officially welcomed a
cryptowinter. The market prices of various digital assets show
this. However, as is expected, investors in the space are wondering
how long this cryptowinter is expected to last. Goin by previous
markets, it could be that the market is in for the long haul but
Cardano founder Charles Hoskinson has provided his thoughts on how
long he believes the bear will stay. Prepare For Months Of
Cryptowiner With the price of major cryptocurrencies such as
Bitcoin and Cardano down, speculations abound about when the bottom
of the market will be reached. Mostly, the negative sentiment that
has washed across investors in the space has not done much to help
things as the prices continue to decline as a result. Nevertheless,
this has not stopped some from trying to pinpoint when the market
will reach its inevitable bottom. Related Reading | Bitcoin
Funding Rates Remain Unmoved Despite Plunge To $30,000 Addressing
the market in a new twee, Cardano founder Charles Hoskinson has
presented what he believes will happen to the market. The tweet
that he starts out by welcoming those who this was their first
cryptowinter also went further to put a timeframe on it. For the
Ethereum co-founder, he believes that this downtrend will continue
for weeks to months. “If this is your first cryptowinter,
then welcome,” said Hoskinson. “Been through many since 2011 and
they always hit like a cold ice bath. We are in the panicked blood
in the street phase. It clears in weeks to months as a bottom is
found. Then a long climb up the ladder.” ADA Continues To Suffer Of
all the digital assets suffering through cryptowinter, Cardano
(ADA) has been one of the hardest-hit coins. The digital asset
which had made its all-time high of $3.10 last year off the back of
the launch of smart contract capability has shed most of that value
by May of 2022. Data from Messari shows that the digital asset is
currently down 85.39% from its all-time high. ADA trading 85% below
ATH | Source: ADAUSD on TradingView.com Once bears had pulled the
cryptocurrency below the $0.5, it seems all hope was lost for it to
ever recover back to the coveted $1 level. What this had meant was
the asset was now trading significantly below its 50-day moving
average, an important indicator for short-term movement. Related
Reading | Bitcoin Selloff Provides Boost To Miner Fee Revenues
In the longer term, ADA continues to perform poorly. Sentiment has
now skewed completely in favor of selling, making this a seller’s
market. ADA investors have not been spared the bloodbath either as
it is now one of the worst-performing in terms of profit, with more
than 70% of investors holding bags of losses. The digital asset is
trading at $0.454 at the time of this writing. Featured image from
Cointribune, chart from TradingView.com
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