US Politician: These 2 Altcoins Are Solid Players In Bear Markets!

Crypto phenom David Gokhshtein, a former US politician, says that 2 altcoin projects are solid players in the face of bear markets.

David Gokhshtein highlights the bearish resilience of these 2 altcoin projects

David Gokhshtein, who is known as a politician, says that Cardano has shown tremendous strength to the bears, even though he said it would collapse in the 2018 bear market. These claims came despite the fact that sellers somewhat eroded the ADA price. However, the ADA price still has not suffered a major collapse as more than one had previously assumed in bear markets.

Gokhshtein details his ideas with historical information in the tweet above. The crypto phenomenon has recently tried to highlight ADA’s determination in the face of current challenges, despite saying it would crash in the 2018 bear market. He noted the following about ADA and VET in a tweet today:

At the start of the previous bear market, they said that none of the projects like ADA and VET would survive 2018. 90% of these protocols would disappear. They were wrong.

2018 was one of the most violent years for the cryptocurrency market

Historically, 2018 was one of the strongest periods for the cryptocurrency market. The price of Bitcoin (BTC), which rose above $19,400 in December 2017, has dropped by almost 80%. It deepened to $3,900 at the end of 2018. In a declining market, a year before the 2018 crypto crash, he invited ADA to the crypto scene. Despite reaching $1.17 at the beginning of 2018, Cardano’s price action quickly met the demands of the bears. ADA suffered a sharp free fall below key pillars. The bear market in 2018 continued in 2020. It pushed ADA to a low of $0.023 in March 2020. It then peaked at $1.17 in January 2018 before starting a breakout. It consolidated below $0.1 for about a year after that.

Some analysts said that ADA and VeChain (VET) projects will eventually collapse due to 80% losses. Others argued that many of the new projects would not have survived due to the heavy wave of FUD from that era.

Cardano manages to survive despite harsh conditions

ADA just didn’t survive the previous bear market. Despite the ongoing negative market conditions at the same time, it managed to stay in the middle of the top 10 cryptos for seven consecutive quarters. Since Q1 2021, Cardano has always been in the middle of the top 5 altcoins. In the following years, it broke a record $3.10 in September 2021, after emerging from bears’ control in 2020. Despite losing over $2 billion since the beginning of October, it maintains its position. Although not as good as before, Cardano is still one of the permanent names in the top 10. As you can follow, the reaction of the market to the CPI data of October 13 was in the downward direction. However, ADA doesn’t seem about to give up. Currently, it is down 3.17% from the last 24 hours and 12% from last week. In the middle, Grayscale did not choose to downsize ADA’s stake in its smart contract fund despite the current bear market.

Similar Articles



Please enter your comment!
Please enter your name here


Most Popular