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Cardano Founder Explains to User How Much ADA Bought with $5,000 in January 2021 Is Worth

Fri, 08/05/2022 - 15:03
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Tomiwabold Olajide
Hoskinson touched on volatile nature of crypto market
Cardano Founder Explains to User How Much ADA Bought with $5,000 in January 2021 Is Worth
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According to Cardano creator Charles Hoskinson, $5,000 worth of ADA purchased in January 2021 may be worth $6,750 at this time, implying a $1,750 increase. The Cardano creator said this in regard to the timing of the market's performance.

Hoskinson was responding to a Cardano user who said that he had purchased $5,000 worth of ADA in July 2021, which is now only worth $1,500. In this regard, Hoskinson touched on the volatile nature of the cryptocurrency market by saying, deadpan, "Markets go up and down."

Cardano's ADA was trading marginally higher at $0.50 at the time of writing.

As reported by U.Today, Cardano founder Charles Hoskinson said that cryptocurrencies had entered a bear market when questioned about the dull performance of ADA. Following bearish market conditions from the beginning of 2022, ADA has significantly underperformed this year after posting enormous gains in 2021. It is now 83.57% lower than the record high it attained in early September 2021 before the much-publicized Alonzo upgrade.

Cardano records 47 million transactions in July

A monthly summary of on-chain statistics was just released by the Cardano Foundation. On-chain transactions have increased by 4.90%, to 47 million. The transaction types consist of 49.3% simple transactions (pure ADA or ADA with token transfers), 23.6% metadata (without smart contracts), 15.4% smart contracts (without metadata) and 11.7% smart contracts (with metadata).

The number of native tokens issued on the Cardano blockchain is up 6.34% to 5.7 million, with 58,993 distinct minting policies. The number of Cardano wallets officially hit the 3.5 million mark while that of Plutus scripts neared the 3,000 mark.

Digital asset bank Sygnum has expanded its staking portfolio to include ADA, which presently ranks as eighth largest cryptocurrency by market capitalization.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.