Cardano (ADA) Is Performing Better Than Previous Bear Cycle: CEO
- In a recent Twitter post, Benjamin Cowen compared ADA’s performance in the current bear market to the previous one.
- A notable trend of diminishing losses as a function of time was evident.
- At press time, ADA was trading at $0.282 following a price drop of more than 2%.
Yesterday, the CEO and founder of ITC Crypto, Benjamin Cowen, pointed out in a tweet that Cardano (ADA) is performing better in the current bear market than in the previous cycle between 2018 and 2020. This could suggest that ADA investors will be less impacted in the current bear market than the previous bearish cycle.
In his post, the CEO included a snapshot of ADA’s ROI. The blue line in the graphic depicted the bear market from January 2018 to March 2020, while the orange line represented the current bear market that started in September 2021. A notable trend of diminishing losses as a function of time was evident in the orange line.
This indicates that the current bear market is experiencing a slower decline compared to the previous one. Based on calculations, Cowen believes that the orange line will reach the same length as the blue line on 13 November 2023.
This observation by Cowen could suggest the potential for a less severe impact on ADA’s price in the current bear market compared to the previous bear cycle. With regards to the altcoin’s performance over the past 24 hours, ADA was one of the cryptos that saw its price decrease over this period.
CoinMarketCap indicated that ADA was worth about $0.282 at press time after its price dropped by more than 2% throughout the past day of trading. This meant that ADA’s price was leaning more towards its daily low of $0.2783 than its 24-hour high of $0.2915.
On the other hand, ADA’s weekly performance was still firmly set in the green zone at +9.33% despite the Ethereum-killer’s price descent. The crypto’s 24-hour trading volume saw a slight 0.80% increase, which left it standing at around $203 million at press time.
Meanwhile, ADA’s market cap of $9,846,925,090 meant that it was ranked as the 7th biggest cryptocurrency in terms of market capitalization. Since reaching its all-time high of $3.10 in September of 2021, ADA’s price has slipped by more than 90% to trade at its current level.
Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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