Cardano (ADA) is experiencing a tough time, with its price falling to $0.80. This is a drop of over 40% since December. Despite this, Cardano’s founder, Charles Hoskinson, is still confident about its future.
In a recent YouTube interview, Hoskinson criticized Ethereum (ETH) and Solana (SOL) while sharing his big plans for Cardano’s role in the Bitcoin network. His interview comes just a week before an important meeting with a VIP. Many crypto analysts think the guest could be Elon Musk, adding to the excitement about Cardano’s future.
Hoskinson Sees $2 Trillion Bitcoin Opportunity
Hoskinson believes working with Bitcoin blockchain is a massive $2 trillion opportunity that only a few have explored. He said Cardano is working hard to become Bitcoin’s decentralized finance (DeFi) layer.
He doubts that the Ethereum or Solana network can achieve this goal. This plan fits with Cardano’s recent partnership with BitcoinOS, which will help Cardano connect more with Bitcoin’s network. The integration is expected to launch in the coming months.
However, Cardano is not the first to try building on the Bitcoin blockchain. Core, a layer-2 network for Bitcoin, already has 53 developers and has a total value locked (TVL) of $626 million.
Another project, Stacks, has 12 decentralized applications (dApps) and $104 million in locked assets.
Cardano Founder Takes Aim at Ethereum and Solana
In the interview, Hoskinson criticized how the Ethereum network handles scaling. He said Ethereum depends too much on layer-2 networks like Base, Arbitrum, and Optimism. These networks process billions of dollars in transactions with lower fees while using Ethereum’s security.
However, Hoskinson believes this approach weakens Ethereum’s leading network. He also criticized Solana, one of Cardano’s biggest competitors. He claimed that Solana’s network is weak and might struggle with large amounts of data as it grows.
Solana blockchain is popular for its fast and cheap transactions, becoming a go-to for new developers. Hoskinson doubts its last long-term sustainability.
ADA’s Technical Price Outlook
Cardano’s price has had some ups and downs. In November, ADA reached $1.32 before dropping. This move was significant because it aligns with the 38.2% Fibonacci retracement level. After the drop, ADA fell to $0.524, which is part of a common price pattern.
The next phase of this pattern is usually strong and could last a long time. Even though ADA has fallen recently, it is still above a critical moving average, so buyers are still active.
If the trend continues, ADA could rise again to $1.32, a 70% increase from its current price of $0.7644.
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