Bitcoin (BTC) and altcoins have experienced sharp drops recently due to the actions of the SEC. Because the SEC claimed that some altcoins are securities in the lawsuits it filed against Binance and Coinbase.
One of these altcoins was Cardano (ADA), which is among the top 10 cryptocurrencies.
ADA, which has experienced a 30% drop since the SEC's securities claim, fell as low as $0.22.
While investors wondered whether the ADA, which was at the level of $0.26 at the time of writing, will rise again, the user named "ADA whale" on Twitter said that Cardano is already showing the performance of Ethereum in the bear cycle experienced in 2020.
Accordingly, if history repeats itself, this may be positive for the ADA. Because, after the bear market in 2020, there was a big bull rally in 2021.
Stating that Ethereum's dominance remained above 20% despite the bear market in 2022, Twitter user said that while ETH consolidated its position during the 2020 bear market, the current performance of ADA is similar to ETH's performance in 2020.
It was also stated that despite the recent declines, ADA managed to stay above the bottom levels in the 2020 bear market and showed resistance even in a general decline.
It’s true that Ethereum dominance has impressively remained at 20% this bear market and there’s certainly a story there, so congrats to them. ADA is just doing what ETH did too last bear market (before truly establishing itself 2021-22) and is still well above the 2020 lows pic.twitter.com/huZCfo76GA
— ADA whale (@cardano_whale) June 19, 2023
*Not investment advice.
