Cardano founder Charles Hoskinson highlighted the harsh realities of the crypto industry.
He pointed out that 99% of tokens failed, with only a few surviving such as ADA, XRP, and Ethereum. He made this blunt warning during a livestream over the weekend as the broader market continues to grapple with a prolonged recession that has caused prices to fall.
While investors were hoping for a recovery, Hoskinson gave a harsh assessment, pointing out that most cryptocurrencies have collapsed. In fact, billions of dollars of investor money have been wiped out due to rug pulling, massive hacks, and insider fraud.
ADA and XRP among the few survivors
Despite this wave of failures, Cardano emphasized that it is one of a select group of long-lasting projects, along with XRP and Ethereum. These projects have not only survived over the years, but have grown into influential networks with great acclaim.
He noted that each of these tokens currently has a market value of over $10 billion. This highlights the resilience and staying power of ADA, XRP, and ETH in a space often dominated by hype cycles, short-lived trends, and abandoned experiments.
Although Hoskinson categorized ADA, XRP, and ETH as projects that have been around for the past 10 years and have valuations exceeding $10 billion, it is important to clarify that ADA itself is less than 10 years old. Cardano was launched in 2017, while XRP dates back to 2012 and Ethereum to 2015.
Current valuation
Even though the cryptocurrency is experiencing a significant downturn, Cardano still has a market capitalization of $13.9 billion and ADA is trading at $0.3871. This rating places Cardano in the top 10 crypto assets. However, ADA's market capitalization remains significantly lower than that of XRP and ETH (approximately $120.81 billion and $337.51 billion, respectively).
In addition to XRP and Ethereum, several other cryptocurrencies also meet this criteria. Tokens like Bitcoin, Dogecoin, and Bitcoin Cash have all been around for more than a decade and have maintained valuations of over $10 billion.
