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Cardano community remains defiant after ADA sinks to 21 month low

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“I think I just developed a new lower low for caring about prices , especially ADA. It’s been like this for a while and the bear market is here to stay.

Might as well just chill.”

Many other commenters voiced similar attitudes, with one posting, “not caring for price is the way to go.” Another said, “Bear market and chill? Sounds good to me.”

Over the past four weeks, the altcoin market cap has been grinding along the $509 billion zone. This week sees a dip below this zone. Further sell-offs will find the next level of support at the $440 billion level.

Altcoin market cap
Source: Crypto Market Cap exc BTC on TradingView.com

Will utility prevail?

In February, crypto markets dived in response to the outbreak of war in Eastern Europe. At the time, ADA was trading at around $1.30.

Input Output CEO Charles Hoskinson called on concerned investors to zoom out and look at the bigger picture.

He remarked that he finds it odd crypto appeared to move in lockstep with stocks. Nonetheless, the Cardano founder said it is important not to get caught up in day-to-day price fluctuations.

In an attempt to calm frayed nerves, Hoskinson pointed out that utility will be the driver of long-term success.

“if there’s real use and utility and a real purpose in five years, ten years, fifteen years, things are going to look better.”

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