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Cardano (ADA) May Fade into Obscurity Like EOS, Top Trader Claims

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Wed, 19/10/2022 - 15:42
Cardano (ADA) May Fade into Obscurity Like EOS, Top Trader Claims
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In a recent tweet, pseudonymous cryptocurrency trader DonAlt opined that Cardano (ADA) will likely see the same fate as such has-beens as EOS, Litecoin (LTC) and Bitcoin Cash (BCH).

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EOS and Litecoin are among the altcoins that once enjoyed significant popularity but failed to gain any traction during the previous bull run.

Litecoin, one of the oldest altcoins, has seen very few developers in recent years, and its anemic price action continues to reflect that. Once a fixture in the top 10, "the silver to Bitcoin's gold" is now struggling to hold onto its 20th position on CoinMarketCap.

EOS, which was pitched as "Ethereum on steroids" and enjoyed tremendous success in early 2018 following a record-shattering $4 billion initial coin offering, ended up facing an exodus of high-profile developers and gradually became irrelevant. The cryptocurrency is down a whopping 95.45% from its record high.

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Bitcoin Cash, the most successful Bitcoin fork that used to be one of the biggest cryptocurrencies by market capitalization, faded into obscurity after the most recent bull market cycle. It is currently valued at a modest $2 billion, which makes it the 31st biggest cryptocurrency. In early January, Ethereum co-founder Vitalik Buterin admitted BCH was "a failure."

DonAlt now believes that the new crop of "Ethereum killers" will fail to achieve new highs during the next bullish cycle.

At the same time, controversial cryptocurrency YouTuber Ben Armstrong recently predicted that Cardano would end up surpassing Bitcoin.

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