An analyst at Coin Bureau, a million-subscribed crypto Youtube channel, has decided to return to the altcoin project he sold out due to long-term concerns. In recent statements, they, along with other analysts, complained about the project’s ‘lack of volatility’.
Coin Bureau returns to this altcoin project
The Coin Bureau host and analyst known as Guy shared in a new interview with Altcoin Daily that he is returning to Cardano (ADA), which he recently sold. The crypto analyst has been worried about the long-term outlook for ADA, which has been moving sideways for a while. In its latest statements, he says Cardano is a ‘promising’ project that can survive market crises. Some of their statements dated December 26 are as follows:
I love Cardano. I have strange feelings about the project. One day I become really optimistic. The next day, I start questioning the project… The Cardano community is one of the largest, most active, most supportive and ADA founder Charles Hoskinson is a truly inspiring figure. I recently sold ADA to hold stablecoins. But I’m definitely considering going back. Interesting things are happening around Cardano.
We can answer the phrase “interesting things are happening” with Cardano’s recent announcement. For example, Cardano-powered social media platform Cardano Spot surfaced earlier this month. Also, the team is preparing to launch the stablecoin named “Djed” on the mainnet in January 2023. cryptocoin.comIn this article, we have explained why founder Charles Hoskinson describes stablecoins as “the gold standard of the digital age”.
So why are analysts worried?
Guy shared that his concerns for Cardano stemmed from its development activities. More specifically, it questions how suitable Cardano is for developers. The analyst’s pessimism comes in the weeks that PoS Blockchain is in the first place in GitHub development activities. Guy says that despite high development activities, Cardano still falls short:
I don’t think there is a huge amount of collaboration between projects in Cardano. I still keep hearing this kind of thing about it being a pretty tough ecosystem to build in.
Meanwhile, the analyst had not previously included Cardano among the altcoins he would invest in during the recession. Instead of ADA, their choice was ATOM and ALGO. As for why he chose to return, he points to the resilience of the project in that regard. Guy predicts that ADA will remain a sustainable Blockchain in crises:
I think there are some really cool projects being built out there, and this community at least seems capable of sustaining it in tough times.
Altcoin market is stagnant, how is Cardano price?
ADA is currently trading at $0.2458, down 3% from the last 24 hours. Meanwhile, the Market Value to Realized Value (MVRV) Ratio increased compared to last week. Moreover, ADA’s social dominance also spiked last week, solidifying its popularity in the crypto market. However, Cardano’s speed has dropped over the past few days, marking a troubling situation for the network.