As a seasoned crypto analyst with over a decade of experience in the industry, I’ve seen my fair share of market ups and downs, and I understand that emotions can run high when it comes to discussing the performance of various cryptocurrencies. However, I believe that Ben Armstrong’s recent declaration that Cardano (ADA) and Polkadot (DOT) are “dead to institutions” is an overstatement that warrants a more nuanced analysis.
Crypto analyst Ben Armstrong, also known as ‘Bitboy Crypto,’ has stirred up debate by labeling Cardano (ADA) and Polkadot (DOT) as “dead to institutional investors.” This bold pronouncement has faced strong criticism from the crypto community, with numerous members fiercely defending these cryptocurrencies against Armstrong’s critical comments.
Analyst Calls Cardano, Polkadot Dead
As a crypto investor, I’ve noticed an intriguing statement made by Armstrong on July 3, in a post that used to be on X (formerly Twitter). He declared that the tokens Cardano’s ADA and Polkadot’s DOT had lost their appeal for institutional investors. In simpler terms, he suggested that these tokens were no longer seen as viable or attractive investment options by major institutions in the crypto sphere.
The recent slump in the crypto market has led to significant drops for Cardano and Polkadot, with Cardano suffering a substantial 23.6% decline over the past month according to CoinMarketCap data. This price decrease can be attributed to both coins as bearish market conditions took hold.
From my research perspective, as I pen down these words, the trading volume of this cryptocurrency has seen a significant decrease of 44.99%. This reduction in trading activity suggests that investor interest in Cardano has dwindled. Additionally, the value of ADA hovers around $0.35, falling short of the $1 mark.
Alternatively, DOT currently trades at a price of $5.85, representing a 5.09% decrease over the last week. Additionally, its value dropped substantially during the past month with a loss of 18.73%.
As a cryptocurrency analyst, I’ve observed criticisms towards Cardano and Polkadot’s dominance in the market. However, it’s essential to acknowledge that these cryptocurrencies currently lack substantial institutional investment. Nonetheless, their absence from institutional portfolios does not automatically imply they won’t experience occasional price surges or yield lucrative returns for investors during bull markets.
As a researcher examining the digital asset market, I’ve come across a proposition that the price hike won’t be substantial for this specific asset compared to others boasting robust institutional support.
As an analyst, I’d rephrase it as follows: In a previous post, I shared that the Polkadot team approached me for sponsorship. Yet, given my belief that Polkadot is on its last legs and classified as a “dying chain,” I couldn’t in good faith endorse it publicly.
Crypto Community Fires Back
Critics, including members of the Polkadot and Cardano communities, have strongly objected to Armstrong’s remarks that ADA and DOT are no longer relevant to institutions. In response, a passionate advocate for Cardano development and decentralized exchanges, known as ‘Dave,’ voiced his disagreement on a popular platform. He argued that Armstrong’s statements lacked substance and did not provide any concrete technical evidence to support his claims.
In response to the analyst’s remarks criticizing ADA, Dave accentuated the coin’s merits by pointing out that the Cardano blockchain has operated continuously for 6.9 years without interruption. Moreover, he emphasized its self-governing structure and strong community with self-determination. Furthermore, Dave stressed that Cardano is an energy-efficient and autonomous blockchain, boasting a dependable cryptocurrency named ADA.
A fellow community participant has voiced support for Cardano and Polkadot, highlighting their strong engagement from the community, much like Bitcoin (BTC) enjoys.
A notable Cardano supporter with a large following of over 150,000 people joined the conversation, poking fun at Armstrong’s assertion that he considered the only two coins with strong governance structures as defunct.
As an analyst, I would rephrase it this way: The success of Cardano and Polkadot is not solely attributable to the community’s trust in these altcoins but also to their design with the intent to survive longer than other cryptocurrencies in the market.
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2024-07-07 03:11