Evidently, the cryptowinter has been officially accepted by the market. It is clear from the prices paid by various digital assets. As expected, cryptowinter investors are asking how long it will last. If you look at the history of markets it is possible that the market has been in place for quite some time. However, Charles Hoskinson from Cardano shares his opinions on the length of the bear’s stay.
Get ready for months of cryptowiner
As the prices of major cryptocurrency such as Bitcoin, Cardano and Ethereum continue to fall, there are many speculations on when the bottom will happen. The market has continued to fall largely because of the negativity that has swept through investors. Some are trying to figure out when the bottom will be reached, but this is not stopping them.
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Charles Hoskinson from Cardano has given a vision for what Cardano will look like. He also tweeted that he would welcome those new to cryptowinter and then put a timeline on the matter. He believes this downtrend can continue for several weeks or months, according to the Ethereum founder.
“If this is your first cryptowinter, then welcome,” said Hoskinson. “Been through many since 2011 and they always hit like a cold ice bath. Now we are at the panicked bloody street phase. As soon as you find the bottom, this phase will pass in weeks to months. Then a long climb up the ladder.”
ADA Continues To Suffer
Cardano (ADA), one of all digital assets that has suffered from cryptowinter, is the most severely-hit coin. After the release of smart contracts capability, the digital asset that had reached its record high of $3.10 in 2017 has lost most of its value since May 2022. Messari data indicates that the digital asset has fallen 85.39% since its high.
ADA Trading 85% Below ATH Source: ADAUSD at TradingView.com| Source: ADAUSD on TradingView.com
It seemed that all hopes of the currency ever recovering to its $1 mark were lost when bears pulled it below $0.5. The asset had been trading at a significant discount to its 50-day average (an important indicator of short-term movement).
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ADA is continuing to struggle long term. Sentiment has now skewed completely in favor of selling, making this a seller’s market. ADA investors were not spared from the chaos, as they are now among the least profitable in terms of profits with over 70% holding large losses.
At the time this article was written, the digital asset trades at $0.454.
Featured image taken from Cointribune. Chart on TradingView.com