Cardano (ADA) Can Fall Another 90%, Adam Back Predicts

Blockstream CEO Adam Back joined the ranks of prominent Bitcoiners who have attacked Cardano following recent comments made by Input Output Hong Kong (IOHK) CEO Charles Hoskinson. 

The Bitcoin evangelist, who was famously cited in Satoshi's highly influential white paper, has predicted that the price of ADA, the native token of the Cardano ecosystem, could collapse another 90%. 

As reported by U.Today, Hoskinson riled up the Bitcoin community after predicting a slow demise of Bitcoin due to the fact that the developer community behind the cryptocurrency is too conservative. The Cardano founder believes that Bitcoin could see the fate of Microsoft if it refuses to innovate. 

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Tue, 07/30/2024 - 14:23

Cardano Inching Closer to Chang Hard Fork as ADA Price Plunges

Alex Dovbnya

Hoskinson has repeatedly criticized Bitcoin's lack of programmability. This is a common anti-Bitcoin argument within the crypto space.  

Last August, Hoskinson predicted that Cardano could eclipse Bitcoin and Ethereum, the long-time market leaders. 

However, the market does not appear to be on Cardano's side. As noted by prominent Bitcoin advocate Tuur Demeester, Cardano now accounts for an infinitesimal 1% of Bitcoin's market cap. For comparison, it was at 10% just three years ago. 

Moreover, Cardano is no longer among the top 10 cryptocurrencies by market cap, slipping to 12th place. It is currently behind Dogecoin (DOGE), Tron (TRX), and Toncoin (TON).  

The Chang hard fork, which was the main bullish narrative for ADA, did not result in any substantial price spike for the cryptocurrency. This is despite Hoskinson touting it as one of the biggest milestones for the entire industry.