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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Cardano (ADA) Is Outperforming Previous Bear Cycle, Reveals ITC Crypto CEO

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Cardano (ADA)

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In the continually evolving world of cryptocurrencies, market resilience often proves a key determiner of long-term value and growth. Benjamin Cowen, CEO and founder of ITC Crypto, recently underscored this premise and spotlighted Cardano (ADA) for its performance amid the prevailing crypto bear market.

Related Reading: Cardano Poised For Consolidation In This Price Zone Prior To Attempting Reversal

In a series of Twitter posts, Cowen shared insights comparing ADA’s current performance with its past trajectory, with implications for ADA’s investors and potential adopters.

A Historical Perspective: ADA’s Bear Market Performance

Cowen’s analysis brought to the fore an observation. According to Cowen, Cardano’s resilience in the current bear market outpaces its performance during the 2018-2020 bearish phase. He used a snapshot of ADA’s Return on Investment (ROI) to illustrate this, wherein two distinct trends emerged.

Comparing #ADA bear markets

Blue Line (Jan 2018 – Mar 2020)
Orange Line ( Sep 2021-Present)

So far, we are seeing diminishing losses as a function of time.

The orange line will reach the length of the blue line on Nov. 13th, 2023. pic.twitter.com/XXKKSjiEmF

— Benjamin Cowen (@intocryptoverse) June 26, 2023

The graphic showcased a blue line depicting the bear market spanning January 2018 to March 2020, while the orange line represented the ongoing bear market that commenced in September 2021. Notably, the orange line displayed a trend of diminishing losses over time.

Navigating The Bear Market: Cardano’s Improved Resilience

Cowen’s observations suggest a slower rate of decline for ADA price in this bear market compared to its previous cycle. Projections place at the end of the current cycle around November 13, 2023, when the orange line is anticipated to reach the same length as the blue line.

These insights could signal a less severe impact on ADA’s price amid the existing bear market compared to the previous cycle. Although ADA has experienced a decrease in price over the last 24 hours, the broader analysis paints a picture of enhanced market resilience.

Cardano (ADA)'s price chart on TradingView
Cardano (ADA)’s price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Although the asset declined in the past day, it is worth noting that ADA has been bullish over the past week, up by nearly 10%. The asset currently trades at $0.28 with a trading volume above $185 million and a market cap of $9.8 billion.

Over the past 7 days, more than $500 million has been added to ADA’s market cap following the asset market capitalization surge from $9.1 billion seen last Tuesday. ADA has also recorded a surge in its trading volume, indicating rising trading activity.

Related Reading: Cardano (ADA) Soars 10% In The Last Week, More Rallies Ahead?

Cardano’s ability to navigate bear markets with diminishing losses is a testament to its resilience and inherent value proposition. While the immediate trend reflects a downturn, the longer-term performance of ADA signals a pattern of robustness. 

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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