Cardano’s founder, Charles Hoskinson, has taken to social media platform X (formerly Twitter) with a mission to bring an end to the prolonged crypto winter. In a tweet accompanied by pictures of him skiing, Hoskinson, donning a motorbike helmet, hinted at a quest for brighter days.
Crypto Enthusiasts React to Hoskinson’s Endeavor
Unsurprisingly, the crypto community swiftly responded to the announcement, with enthusiasts expressing anticipation for the conclusion of the extended crypto winter. Some users on X playfully suggested that the bull run had officially commenced following Hoskinson’s latest venture.
Charles Hoskinson had previously shared insights on the concept of crypto winter. Last year, he welcomed new investors to their first experience of crypto winter, noting that the unfavorable market conditions could persist for months before a resurgence in prices.
Crypto Winter’s Impact Unleashed
The term “crypto winter” resonates within the crypto sector, representing a period of reduced crypto prices accompanied by a drastic decline in sector investments. The ongoing crypto winter commenced immediately after the peak of the last bull run in November 2021.
Bitcoin, reaching an all-time high of $69,044 in November 2021, witnessed a substantial drop below $16,000 a year later.
Similarly, Cardano’s native coin ADA, which peaked at $3.09 in September 2021, plunged to around $0.24 just last month. The extended duration of the current crypto winter is largely attributed to the setbacks experienced by Terra (LUNA) and FTX projects.
Related article: Cardano Proposes Treasury Tax Slash: ADA Price Surge in Sight?
Prices Rally as Crypto Winter Gradually Recedes
Significantly, the crypto winter is showing signs of waning as crypto prices experience an upswing propelled by growing institutional interest. Expectations surrounding the approval of a spot bitcoin exchange-traded fund (ETF) have fueled institutional engagement in crypto.
As of the latest update, ADA’s price has surged by over 51.40%, climbing from the $0.24 recorded last month to its current position at $0.3754, reflecting a 0.45% increase in the past 24 hours.
Contributing Factors to ADA’s Rally
While institutional interest has played a pivotal role in dispelling the prolonged winter, various factors have contributed to ADA’s price resurgence. Crypto whales have demonstrated confidence in Cardano by accumulating a staggering 1.89 billion ADA coins last month.
Additionally, Cardano’s total value locked (TVL) has surpassed $250 million, and the development team’s dedication is evident with 502.47 Github commits last month, securing its position as the top blockchain project in terms of development activity.