Cardano Founder Agrees ADA is the Main Character in the Market Right Now

Cardano founder Charles Hoskinson has expressed agreement with the idea that ADA is “the main character” in the ongoing bull market.

Nebulor, an advocate of Cardano, recently took to X to share his sentiment about the ADA token, the 11th largest cryptocurrency with a market cap of $12.45 billion. He noted that, in his view, ADA seems to be emerging as the main character in the market at this time.

This opinion quickly gained traction within the community, especially among Cardano supporters. Some resonated with Nebulor’s view, noting that “something big” is on the horizon, while others found the claim amusing. Among the skeptics, one commenter suggested that Nebulor might just be hallucinating.

Cardano Founder Reacts

Meanwhile, Nebulor’s take on Cardano’s current market position received a nod of approval from the founder himself. In response to the post, Charles Hoskinson shared a humorous GIF, smiling and nodding in agreement.

https://t.co/qyRGF4PsFI pic.twitter.com/Yh8PsrXn2j

— Charles Hoskinson (@IOHK_Charles) October 30, 2024

Recent Developments Influencing Bullish Views About ADA

Hoskinson’s reaction further gained traction among enthusiasts, with some pointing to the recent Cardano-Bitcoin integration as a major development for ADA in this cycle.

Notably, last week, Cardano partnered with BitcoinOS (BOS) to become a smart contract layer for Bitcoin, aiming to unlock Bitcoin’s $1.3 trillion market.

This collaboration will enable DeFi developers to access Bitcoin’s liquidity without intermediaries. The integration will use the BOS Grail bridge, which employs zero-knowledge proofs to secure connections between the blockchains.

Hoskinson and Cardano community members have been excited since the announcement, seeing its potential for the Cardano network and ADA’s market value. The integration also enhances Cardano’s DeFi capabilities, allowing projects like Fluid Tokens to utilize Bitcoin assets. Notably, the partnership marks Cardano as the first Layer-1 chain to implement the BOS technology.

Additionally, just last month, the Cardano ecosystem welcomed its biggest upgrade ever, transitioning the network to be fully community-owned.

Essentially, given these crucial developments, community members like Nebulor hope that ADA will emerge as a trending crypto asset in this cycle.

ADA Price Action

However, the performance of ADA’s price has been disappointing. ADA is trading at $0.3550, up only 3% over the last seven days, while Bitcoin has grown by 8%. On a year-to-date scale, Cardano’s current value reflects a significant drop of 40%, while Bitcoin is up by 71%.

Meanwhile, top analysts have noted that ADA’s bull run could begin next month, as seen in the last cycle.