Cardano Founder Says Crypto Is in Bear Market

Cardano founder Charles Hoskinson claimed that cryptocurrencies have entered a bear market when asked about the underperformance of the native $ADA token. Hoskinson concedes that no announcement could make a difference. Hence, the $ADA price will keep struggling to gain any traction despite the protocol's improving technical functionalities and the growing number of community members. After posting massive gains in 2021, $ADA has significantly underperformed this year, plunging by more than 43% since the start of the year. It is now down 77.44% from its record high that was reached in early September ahead of the much-anticipated smart contract launch.