Charles Hoskinson, the founder of the Cardano (ADA) cryptocurrency, recently shared his opinion on the present state of the cryptocurrency industry in a YouTube video titled “Thoughts on the Market and the Ecosystem.”
According to Hoskinson, people in the space are constructing something better, and the market distributions and volatility reflect this.
Ethereum (ETH) network co-founder Vitalik Buterin pondered:
“As an industry, we’re going to get it done. We’re all competing to construct those incredible engines that will process billions of transactions a year, if not more, containing trillions of dollars in value. We’re future-proofing programmable finance, and this financial operating system will be social, institutional, and Fortune 500-sized. And, at some time, it will run nation-states. It is unavoidable. This is the truth.”
The cryptocurrency market has seen an influx of money in recent months from those who believe in the technology, traders looking to make a quick buck, and those who came out of frustration and anger fueled by the financial systems, banks, and other institutions’ corruption, hyperinflation, and decision-makers.
“There will be further improvement in financial engineering, the design of financial goods, and the markets on which they trade in the next ten years.” – said Cardano’s CEO.
Altcoins and meme coins, according to Charles, have expanded their share of the cryptocurrency market supremacy in 2021, causing Bitcoin to lose its market dominance.
Hoskinson discussed the impact of Bitcoin (BTC) on the market, which he believes was more noticeable in the 2017/2018 cycle than in the 2020/2021 cycle.
He stated that in 2020/2021, it will be interesting to note that this is the first time a large counter-cyclic movement has been observed, in which both Bitcoin dominance has dropped to 43 percent and institutional preferences have not been solely Bitcoin.
People distinguishing proof-of-stake (POS) from proof-of-work (POW), according to the Colorado tech entrepreneur, has influenced the price of cryptocurrencies in the crypto market (POW).
Cardano has experienced exceptional growth in recent months, achieving 100% decentralisation for block generation and reaching agreement with the Ethiopian government on blockchains capable of tracking school achievement.