Cardano Grows 400% after FTX Collapse, Will ADA hit $5?

  • Cardano ecosystem has grown 400% since FTX collapsed.
  • This huge shift could send the price to $5.
  • The goal of the crypto ecosystem is to displace centralized infrastructure: Charles Hoskinson.

With the number of wallets rising by 33,097 over the previous week, the Cardano ecosystem has experienced unheard-of expansion. As of November 13, there were 3,671,522 wallets in the decentralized wallet, up from 3,638,425 on November 7.

This huge shift could send the price to $5 when the market regains confidence. Notably, many are going the decentralized way after the FTX crunch.

The failure of the FTX cryptocurrency exchange caused the market to tumble once further, with Bitcoin still down 19% over the previous week. Altcoins were not exempt from the massacre in the market, as Ethereum is already down 20% and Solana is down 54% over the previous 7 days.

Charles Hoskinson, the co-founder of Cardano, says that additional repercussions from Sam Bankman-cryptocurrency Fried’s exchange should be anticipated by investors. Additionally, this significant influence may prompt politicians to create new rules for the market for digital assets. 

Hoskinson stated in a video update that the exchange’s failure was due to the people around it, not the cryptocurrency.

“Crypto didn’t fail. People failed. People in positions of trust. At the end of the day, as much as we like to believe in the principles of cryptocurrency, this had everything to do with people putting their money in centralized exchanges and organizations entrusting centralized businesses to do something on their behalf.” Charles Hoskinson

The co-founder of Cardano said in his contribution that the goal of the crypto ecosystem is to displace centralized infrastructure. Regulating businesses domiciled in the US might become more onerous as a result of the FTX crisis, which is unfortunate.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer