Cardano (ADA) Founder Charles Hoskinson Makes a Case for the Network and Its Token

Cardano (ADA) was trading at $0.80, down by over 40% from its highest level in December last year.

Cardano (ADA) price showed signs of recovery on Monday after Charles Hoskinson, its founder, made a case for the network and its token. At the time of writing, ADA price is trading at $0.80, which is substantially lower than its highest level of $1.32, which it hit in December last year.

Hoskinson recently blasted Ethereum (ETH) and Solana (SOL) in a lengthy YouTube interview. During the interview, he highlighted Cardano’s biggest differentiating factor, which is its integration with Bitcoin (BTC) — a move that he believes presents an unexplored $2 trillion opportunity.

“Somebody is going to crack it. We will work on it hard as we aim to be the Decentralized Finance or DeFi layer of the Bitcoin network. I don’t think it [Ethereum (ETH) and Solana (SOL)] have what it takes to achieve this,” said Hoskinson.

Hoskinson’s interview comes several months after Cardano announced a partnership with BitcoinOS. This integration is expected to be activated in the next few months.

Cardano is not the first blockchain to create a Bitcoin layer. Core, a layer-2 for Bitcoin’s ecosystem, has attracted 53 developers and a total value locked (TVL) of $626 million. Stacks (STX) has 12 dApps and $104 million in assets.

Hoskinson also took aim at Ethereum for promoting layer-2 (L2) networks, which have siphoned off its users. L2 networks like Base, Arbitrum, and Optimism have become crucial to the Ethereum network, handling transactions worth billions of dollars. These L2 networks are popular due to their lower transaction fees and the fact that they leverage Ethereum’s security.

In addition, he criticized Solana, a prominent Cardano competitor, arguing that it will not be able to survive, especially as the data moved in its ecosystem surges.

Hoskinson’s interview comes a week ahead of his so-called VIP meeting. Crypto analysts anticipate that it will be X owner Elon Musk.

A look at ADA’s weekly chart shows that the coin peaked at $1.32 in November last year and then retreated. Its upper side was a crucial level since it coincided with the 38.2% Fibonacci Retracement level.

Cardano then retreated to $0.524 as it moved to form the second phase of the Elliot Wave pattern. This phase is usually followed by the third one, which is typically bullish and the longest.

On the weekly chart, Cardano is trading above the 50-week moving average, which is a sign that the bulls are still in control. As a result, we can expect the coin to bounce back as the bulls aim for last year’s high of $1.32, which represents a 70% increase from the current level.