Alex Svanevik, founder and CEO of blockchain analytics platform Nansen, recently took to Twitter with a pointed jab aimed at Cardano’s native cryptocurrency. He tweeted the following: "Cardano bros never thanked me for this."
The “this” Svanevik was referring to was a prediction that he had made back in March, stating "Last chance to sell ADA above $30B market cap."
It seems Svanevik has been proven correct, as ADA has seen an awful year price performance-wise. The cryptocurrency is down an astounding 91.67% from its all-time high. Moreover, it is down 81% on a year-to-date basis - more than even meme coin Shiba Inu (77%).
Svanevik's foresight might have saved some investors from massive losses this year, but there doesn't seem to be much cause for optimism for those still holding onto their ADA coins heading into 2023. With the industry still reeling from the FTX collapse and the U.S. Federal Reserve not backing away from its hawkish monetary policy, market sentiment remains extremely bearish.
As reported by U.Today, cryptocurrency veteran Bobby Lee predicted that another crypto bull market cycle wouldn’t start until 2025.
Svanevik's jab against ADA is not surprising since he is a supporter of Ethereum, a major Cardano competitor. The Ether cryptocurrency is down 75.14% from its all-time high.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.