In an ever-changing crypto market, the resilience of Cardano (ADA) is proving exceptional. Benjamin Cowen, CEO of ITC Crypto, sheds light on the crypto’s performance amid a bear market.
The resilient performance of Cardano (ADA)
In addition to growing adoption in the US, Cardano (ADA) is showing exceptional resilience in the current crypto market environment. While many other cryptocurrencies suffer significant declines in value, it shows a unique ability to limit its losses and maintain a positive long-term trajectory.
Cardano uses the Ouroboros protocol to which is added a consensus mechanism by proof of stake or PoS. This approach offers increased security, improved scalability and higher energy efficiency compared to other blockchains.
It has also developed a robust ecosystem, driving the adoption of its technology. This will strengthen its stability and its position in the crypto market.
A Comparison of Bear Markets
Benjamin Cowen uses a comparison chart to illustrate the differences between:
- the bear market from January 2018 to March 2020 (blue line),
- the ongoing bear market since September 2021 (orange line).
According to him, the orange line shows a trend of decreasing losses over time. This speaks to the resilience of Cardano (ADA).
This comparison also suggests that this altcoin knows a slower price drop in the current bear market compared to its previous cycle. These results are encouraging in that they indicate an increased ability of Cardano (ADA) to hold its value even in difficult market conditions.
Projections for Cardano (ADA), according to Benjamin Cowen
According to observations by Benjamin Cowen, the orange line should reach the same length as the blue line by November 13, 2023. Decryption:
- Cardano (ADA) price drop may be less severe compared to its previous cycle.
- This cryptocurrency could recover faster and with sustained growth.
These encouraging prospects reinforce the idea that Cardano (ADA) represents an opportunity. At the time of writing, the price of ADA stands at $0.278282 with a market capitalization of $12,235,500,000.
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