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On Thursday, June 24, crypto analyst Benjamin Cowen commented on the impressive price action of ADA during the current downtrend in the crypto bull market.
In a video posted to his popular YouTube channel, Cowen said that $ ADA is one of the top racehorses in this market cycle despite declining nearly 50% in value over the past month.
As reported by The Daily HODL, Cowen said:
If you look at the chart, ADA crossed the $ 1.20 mark towards the end of February, and since then it has more or less stayed the same, with that brief return to the upside. But history will say that ADA has basically just moved sideways. Having said that, what does this mean? Well, that means ADA has actually outperformed a lot of altcoins.
He went on to say:
You can say, Ben, well it’s 50% [down], is it really great? Given the circumstances, this is the case. Bitcoin is down 50% Given that ADA continues to perform relatively well given market conditions, I think this further proves that it is one of the main racehorses of the market cycle.
According to data from CryptoCompare, the ADA-USD is currently trading (at 09:45 UTC on June 27) around $ 1.258, up 1.53% in the last 24 hours.
WARNING
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.
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PhotoparEvgeniTviaPixabay
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