ADA Down Further on Fundamentals and Macro Deterioration
Cardano (ADA) will continue to decline from its peak price of around $3.00. The project was pumped by speculators as a viable alternative to other blockchain platforms. It reached an untenable market cap in September, as price became wildly unhinged from fundamental value. Cardano has developed interesting technology and could be a legitimate global platform at some point, but it has not delivered any real world value to date that would justify a $3.00 price or even $1.00. It will continue to decline sans major developments.
Generally, the macro climate is deteriorating everywhere. Signs of the 'everything bubble' abound. The most egregious of which are NFTs and meme coins. In stocks, insiders and executives have been selling for months. Crypto will be especially affected by this, especially since valuations are 98% based on speculation. I think we're in for a medium turn global financial downturn. The next 1-2 years will be difficult on many sectors, especially tech and crypto.
I'm holding approximately 10 cryptos at the moment. I am going to keep DCAing as the market goes down. I hope these projects (ADA, ETH, etc.) take the downturn to improve their technology, create tools for open source development, and think about real world applications that create value for average people, e.g. the non-tech savvy.
Generally, the macro climate is deteriorating everywhere. Signs of the 'everything bubble' abound. The most egregious of which are NFTs and meme coins. In stocks, insiders and executives have been selling for months. Crypto will be especially affected by this, especially since valuations are 98% based on speculation. I think we're in for a medium turn global financial downturn. The next 1-2 years will be difficult on many sectors, especially tech and crypto.
I'm holding approximately 10 cryptos at the moment. I am going to keep DCAing as the market goes down. I hope these projects (ADA, ETH, etc.) take the downturn to improve their technology, create tools for open source development, and think about real world applications that create value for average people, e.g. the non-tech savvy.
Comment:
We’re in for a dip followed by a pump. Then a plunge below $1.00.
