Cardano Creator Charles Hoskinson Says Crypto Markets Are Disconnected From Reality Amid ‘Sea of Red’
Cardano (ADA) founder Charles Hoskinson says the true worth of crypto projects is not being reflected in the prices of their respective tokens.
Hoskinson says that Cardano and “many other” crypto projects have strong fundamentals but the market is painting a different picture.
“A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don’t see that reflected- just a sea of red. Macro factors always win out.”
Cardano is trading at $0.462 at time of writing, down by 85% from the all-time high recorded in September of 2021. The entire crypto market cap is down by over 65% from over $3 trillion reached in November of 2021 to slightly under $950 billion.
While asserting that Cardano’s best days are yet to come, Hoskinson says that crypto projects should concentrate on how users can benefit from the respective technologies.
“The focus needs to always be the true purpose of the technology. The problems it solves. The people it helps. The previously impossible new experiences that are enabled. Cardano is changing the world thanks to all of you and our best days are ahead of us.”
Hoskinson’s statement comes ahead of Cardano’s Vasil upgrade that is set to go live on September 22nd. The Vasil upgrade is meant to increase the scalability of Cardano and lower transaction cost