In an intriguing time for the cryptocurrency ecosystem, Cardano (ADA) finds itself in the spotlight following provocative comments from Ben Armstrong, better known as BitBoy Crypto. The crypto influencer sparked a debate by suggesting that Cardano could be “dead” compared to other networks that are capturing attention and recognition in the sector.
Armstrong criticizes the visibility of projects under the ADA network, citing a lack of widespread recognition. “The money and price action is better on some of these other networks that are being used more,” he explained. He relates this phenomenon to greater liquidity and lower transaction costs on other platforms, which, according to him, are attracting more institutional money.
The dearth of institutional investment in Cardano was cited by Armstrong as one of the main reasons for the cryptocurrency's underperformance. He notes that much of ADA's liquidity is tied to staking, limiting the ability of large investors to enter the market. “I think the markets are telling us this very clearly,” he says, highlighting the movement of “big money” towards other cryptocurrencies.
However, Cardano founder Charles Hoskinson's response to the video was disappointment tempered with hope. “It was sad to see him go down this path,” Hoskinson expressed, remaining optimistic about the future, wishing Armstrong the best.
Well @BenArmstrongsX was always friendly in person to me. Sad to see him go down this road.
Wish him well and hope for the best. https://t.co/b9lFeO70oe
— Charles Hoskinson (@IOHK_Charles) April 7, 2024
As far as price analysis is concerned, Cardano is currently showing signs of modest recovery after periods of decline. According to recent data, the cryptocurrency saw a 2,5% increase in the last 24 hours at US$0,608, although it is still dealing with a significant decrease in its monthly valuation.
