The cryptocurrency market is experiencing a bearish trend since late 2021.
Algorand Foundation CEO Stacey Warden believes that the bear market is likely to last until the end of the year.
The cryptocurrency market has lost over 50% of its value in the past eight months, and the Algorand executive believes that things may not improve in the near term.
He made this announcement during an interview with CoinDesk TV on Thursday at the ongoing Consensus 2022 event.
When asked about his thoughts on the ongoing bear market, Warden said;
“Nobody loves a bear market. However, it is an opportunity for the market to separate the weak from the strong. The bear market will probably last until the end of 2022. Protocols and projects that are meme-based and have no real use There are no cases or applications, they may or may not survive.”
The CEO of the Algorand Foundation cast a vote of confidence for projects on the Algorand blockchain, saying he thinks the projects will survive the crypto winter.
In addition, Warden said that Algorand is investing in and positioning itself for the long-term future.
Despite the ongoing crypto winter, crypto events continue to attract thousands of people from all over the world. The sight of people coming from all parts of the world to participate in crypto events is positive for Warden and he believes that people are excited about the projects currently being built within the crypto ecosystem.
Warden also spoke about the collapse of the Terra blockchain a few weeks ago. According to the CEO of Algorand Foundation, the algorithmic stablecoin will continue to grow despite the collapse of Terra as the ecosystem continues to work towards finding excellent decentralized stablecoins.
He added that the Algorand Foundation has set aside $1 million to help Terra developers migrate to the Algorand blockchain.
