David Gokhshtein, a former U.S. Congressional candidate, has highlighted Cardano’s long-lasting resilience against the bears despite predictions of the asset’s crash in the 2018 bear market.
Cardano remains one of the top mainstream crypto assets, showing massive strength against the bears despite the persistent Crypto Winter. Although Cardano has not shown immunity against the effects of the bear market, the asset has not seen a complete crash, as many previously predicted in bear markets.
Former candidate of the U.S. Congress and founder of Gokhshtein Media, David Gokhshtein decided to take his 689k+ followers down memory lane. Gokhshtein recently sought to highlight ADA’s resilience against the hurdles of the markets despite forecasts of the asset’s imminent downfall at the beginning of the 2018 bear market.
“In 2018, during the start of the previous bear market, they stated none of these protocols like $ADA and $VET would survive. The 90% of all of these protocols would go exist (sic). They were wrong,” Gokhshtein remarked in a tweet Thursday.
The 90% of all of these protocols would go exist.
They were wrong.
— David Gokhshtein (@davidgokhshtein) October 13, 2022
The 2018 bear market remains one of the fiercest periods for the cryptocurrency markets. Bitcoin (BTC), which saw a peak above $19,400 in December of 2017, crashed by nearly 80% to a value of $3,900 at the end of 2018, following a series of selloffs within the year.
ADA launched a year before the 2018 crypto crash, was welcomed into the cryptocurrency scene by a declining market. Notwithstanding a rise to $1.17 at the start of 2018, Cardano’s price action soon succumbed to the demands of the bears, as the asset saw a steady free fall below major supports. The 2018 bear market spilled to 2020 and brought ADA to as low as $0.023 in March 2020. Following the fall from the lofty $1.17 position in January of 2018, ADA consolidated below $0.1 for almost one year before staging a breakout.
Due to ADA’s worrisome declining rate and other new altcoins such as VeChain (VET), certain crypto proponents forecasted the eventual crash of these assets. As a result of the massive FUD pumped into the space then, some pundits asserted that the majority of the new projects than would not survive the Winter.
These assertions appear wrong, as ADA not only survived the previous bear market but has solidified its position amongst the top 10 crypto assets list for seven consecutive quarters despite persistent inauspicious market conditions. As previously reported, Cardano has maintained a position in the top 5 list of cryptocurrencies (excluding stablecoins) since Q1 2021.
After ADA staged a breakout from the grasp of the bears in 2020, the asset rallied to its ATH above $3 in September 2021. Cardano’s price action has kept the asset on the 8th spot of top crypto assets by market cap, despite losing over $2B in valuation since the start of October.
Despite its gloomy response to the latest CPI data and the rest of the crypto markets, ADA doesn’t show any signs of giving up. The asset has dipped by 13.34% in the past week to trade at $0.37 as of press time, making it the highest-losing asset on the top 10 list in a 7-day timeframe.
Meanwhile, ADA has retained its position as the asset with the highest market share in the Grayscale Smart Contract Platform Ex-Ethereum (GSCPxE) Fund, indicating the asset’s increasing dominance in the crypto scene.
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