During the Rare Evo blockchain and cryptocurrency convention, Cardano’s founder Charles Hoskinson expressed his conviction that ADA will eventually become the “biggest cryptocurrency in the world.” Simultaneously, ADA’s value has plummeted 15.2% against the U.S. dollar over the last month, earning it the seventh-largest spot based on crypto market capitalizations.
Cardano Poised to Outshine Bitcoin and Ethereum, Claims Founder Charles Hoskinson
At the recent Rare Evo blockchain event, Charles Hoskinson, an Ethereum co-founder and Cardano founder, shared his thoughts on ADA. He anticipates that ADA will eventually overtake Bitcoin (BTC) and Ethereum (ETH) by climbing to the top of crypto asset rankings worldwide. “So, that is our challenge, and this is why I think that Cardano is probably going to become the biggest cryptocurrency in the world,” Hoskinson opined from the main stage.
“I think that it’s going to become more than just a cryptocurrency. I think it’s going to become the backbone of a new digital nation, a new society—a place where we can finally begin to trust each other again, where we move from ‘don’t be evil’ to ‘can’t be evil,’” added Hoskinson.
Nonetheless, ADA, the digital currency built on Cardano, has recently struggled in the market. Over the past month, ADA has lost 15.2%, and two-week figures reveal a 9.2% drop against the greenback. Furthermore, in U.S. Securities and Exchange Commission (SEC) lawsuits, ADA has been identified as a security by authorities. The Cardano development team fired back with their response, stating:
Under no circumstances is ADA a security under U.S. securities laws.
Cardano currently has $161.8 million in total value locked (TVL) within its decentralized finance (defi) ecosystem. Base, a defi blockchain backed by Coinbase and launched just weeks ago, already surpassed Cardano in TVL amounts with $185.53 million.
In terms of weekly non-fungible token (NFT) sales, Cardano falls below Bitcoin, taking eighth place with $1,507,729 in digital collectible sales over the past week. Cryptoslam.io all-time statistics reveal that Cardano holds the sixth-largest position, amassing $612,699,836 in sales.
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