Dear Cryptocurrency Enthusiasts,
It appears that Cardano (ADA) may be drifting lower.
This began shortly after 8:00 a.m. Universal Time and it has continued.
The high on Binance was .00003090 Bitcoin (BTC). That’s about 60 cents, American. And that was an enormous surge.
Less than five hours later there was a drop to approximately 41 cents.
The price range of ADA is about 46 cents, currently.
This kind of pull back is normal and should be expected. Even a crash to penny value is not out of the question — and that goes for any altcoin. But I think it doubtful.
From Charlie Lee’s Twitter:
I just noticed Cardano (ADA) is #6 on CoinMarketCap. How did it become a $10B coin when it’s only 3 months old and the only major exchanges trading it is Bittrex and Binance and without even any fiat trading pairs?
Either the market is crazy or Cardano will end world hunger.
Lately, Charlie’s opinions have been a bit curious. One wonders why he has chosen to highlight Cardano (ADA) now.
Litecoin is doing well. Currently, they trade at over $300 each. The altcoin appears to be growing in popularity, but investors are apparently looking for alternatives. This new crypto-environment might irritate others.
The fact that Litecoin has lived up to its idea of being the “silver” to bitcoin’s “gold” should placate some. The ratio is about right.
But enter Cardano (ADA). Slowly at first, then a sudden spike…
Charles Hoskinson replied with a poem:
Coarse the rush-mat roof
Sheltering the harvest-hut
Of the autumn rice-field;
And my sleeves are growing wet
With the moisture dripping through.
If you read through the replies to Charlie Lee, Charles Hoskinson explained what he meant by the poem, and it is interesting. He essentially means that he (and the team) will work in the “rain” or the drought. It does not matter. Good or bad.
It was a good response and Charlie Lee seemed satisfied with it.
It is also important to note the Charlie Lee did not appear to be negative about Cardano, but conciliatory. He stated on Twitter that he was sure it was great product and that he was only pointing out the recent valuations.
This seems to imply that Charlie Lee does not know much about Cardano (ADA), but anyone in this sphere should question when newer coins take off in this manner. It raises too many questions.
Certainly, Cardano (ADA) is young and the fact that she has risen so quickly, in the face of criticism and accusations, must concern the old guard. But let us not throw them completely under the bus. After all, they created and nurtured this space. They also have a right to call them as they see them — as anyone does.
But Charlie Lee “carries a big stick.” When he talks, unless he says something completely nuts, we ought to lend him an ear.
I wish ADA all the luck and hope she surpasses Litecoin (LTC) and challenges Ethereum (ETH) in short order. If she does, then the Litecoins and perhaps the bitcoins of the world, will need to step aside. For now, however, the game is afoot.
And we have to remember, although ADA is young, she was created by people who have learned in the ditches of crypto.
And an acorn needs “rain.”
A final note…the above poem is curious. It has layered meanings, that I am still reviewing. Why is this important? What one chooses to say or cite, can define one. I will explain more in another post, if Cardano (ADA) continues to impress.