On Thursday (June 24), crypto analyst Benjamin Cowen commented on $ADA’s impressive price action during the current downtrend in the crypto bull market.
In a video released on his popular YouTube channel, Cowen said that $ADA is one of the “main racehorses” this market cycle despite falling nearly 50% in value over the past month.
As reported by The Daily HODL, Cowen said:
If you look at the chart, ADA made a move to the $1.20 mark around late February, and since then, it’s more or less stayed the same, with this brief move back up to the upside. But the story will tell that… ADA basically has just moved sideways. So with that said, what does that mean? Well, it means that ADA has actually outperformed many altcoins.
He went on to say:
You may say, ‘Ben, well it’s 50% [down], is that really that great?’ Given the circumstances, it is. Bitcoin is down 50%… Given that ADA is continuing to perform relatively well given the market conditions, I think that it just further provides evidence that it is one of the main racehorses of the market cycle.
According to data by CryptoCompare, ADA-USD is currently (as of 09:45 UTC on June 27) trading around $1.258, up 1.53% in the past 24-hour period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.