It might be Friday the 13th, but the real scare for many bulls probably came a day earlier, when Bitcoin dropped below $27,000. However, as Bitcoin hit $30k again and the top ten cryptos by market cap fell into formation, here’s how the seventh biggest asset was doing.
You should see me in a crown
At press time, Cardano[1] [ADA] was changing hands at $0.5809[2] after bouncing up by 42.80% in a day. That brings the coin up to a loss of value[3] of 26.65% in the past week.
So prices are recovering, but how is the community doing after all the whiplash? Unfortunately, it looks like development activity is still down, as has been the case since an earlier price drop last week.
In fact, it seems as if Cardano’s development activity is still strongly linked to ADA’s price performance. This means that ADA’s comparably slow rally rates could chase off developers who want to see profits.
Yet, it seems that Cardano founder Charles Hoskinson isn’t too worried about market bottoms. Rather, a tweet of his on 12 May – with a Game of Thrones soundtrack – suggested the exec might even be ready to face a “cryptowinter.”
What’s the meaning of this? Well, it’s not news that Hoskinson is sick and tired of investors bugging him about when ADA will see its next bull run. One interpretation is that a “cryptowinter,” so to speak, could throw off less dedicated investors so only hardcore Cardano supporters, investors, and builders stay in the community – or on the “ladder.”
As if to prove the point, Cardano saw a spike in whale transactions worth above $100,000. 12 May alone saw 2,397 such transactions while ADA was trading
