Cardano founder Charles Hoskinson has taken to X (formerly Twitter) to announce his latest mission, saying he is looking for an end to crypto winter.
The Cardano boss shared a picture of him skiing. In the pics, Hoskinon is seen wearing a motorbike helmet with a good view of the sun.
Looking for the end of CryptoWinter… pic.twitter.com/5FuhWWCX0t
— Charles Hoskinson (@IOHK_Charles) November 9, 2023
Crypto Enthusiasts React
Expectedly, his tweet prompted reactions from crypto enthusiasts who also anticipate the end of the lengthy crypto winter.
Some X users teased that the bull run has officially started following Hoskinson’s latest quest.
That’s it. Bullarun has started guys. Charles has announced it.
— Uphorico (@uphorico) November 9, 2023
It is worth mentioning that Hoskinson had previously commented on crypto winter. Last year, the Cardano boss welcomed new investors to their first crypto winter, stating that the unfavorable market condition could linger for months before prices rally again.
Crypto Winter Wreaks Havoc
“Crypto winter” is a phrase in the crypto sector. Although there is no accepted definition for the term, anyone involved in crypto knows what the market condition feels like.
For clarity, the period of crypto winter is marked by lower crypto prices as investments in the sector reduce drastically. The crypto market has been in a long-term winter, which started immediately after the peak of the last bull run in November 2021.
Bitcoin, which soared to an all-time high (ATH) of $69,044 in November 2021, plummeted below $16,000 a year later. On the other hand, Cardano’s native coin ADA, which also spiked to an ATH of $3.09 in September 2021, plunged to around $0.24 last month.
For many crypto fans, the ongoing crypto winter has lasted longer than previous ones. The long duration of the current crypto winter is majorly attributed to the collapse of Terra (LUNA) and FTX projects.
Prices Rally As Winter Gradually Fizzles Out
Interestingly, the crypto winter is fading as crypto prices spike again due to growing institutional interest. Expectations of a spot bitcoin exchange-traded fund (ETF) approval have contributed to the surging institutional interest in crypto.
At the time of writing, the price of ADA has rallied over 54% from the $0.24 recorded last month. Data from CoinGecko shows that ADA is changing hands at $0.37, up 2% over the past 24 hours.
Factors Contributing to the ADA Rally
Although institutional interest in crypto has contributed to the fading of the ongoing winter, several factors have helped ADA’s price to rally.
Crypto whales have been expressing confidence in Cardano by scooping huge amounts of ADA coins. As reported yesterday, whales accumulated an astounding 1.89 billion ADA last month.
In addition, the total value locked (TVL) on Cardano has also gained momentum, hitting over $250 million as of yesterday. Cardano’s development team has also played significant roles in bolstering ADA’s price as they continue to build behind the scenes.
Last month, Cardano saw 502.47 Github commits, helping it rank as the top blockchain project with the most development activity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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