The cryptocurrency market has been experiencing a bearish trend since the end of 2021.
Staci Warden, the CEO of Algorand Foundation, believes that the bear market will likely last till the end of the year.
The cryptocurrency market has lost more than 50% of its value over the past eight months, and Algorand executive believes things might not improve in the short term.
She made this known during an interview with CoinDesk TV on Thursday at the ongoing Consensus 2022 event.
When asked about her thoughts on the ongoing bear market, Warden said;
“Nobody loves the bear market. However, it is an opportunity for the market to separate the weak from the strong. The bear market will last most probably till the end of 2022. Protocols and projects that are meme-based and don’t have real use cases or applications may or may not survive.”
The Algorand Foundation CEO gave a vote of confidence to projects on the Algorand blockchain, stating that she thinks the projects will survive the crypto winter.
Furthermore, Warden stated that Algorand is investing and positioning itself for the long-term future.
Despite the ongoing crypto winter, cryptocurrency events continue to attract thousands of people from all over the world. The sight of people coming from all parts of the world to attend crypto events is a positive one for Warden and she believes people are excited about the projects currently being built within the crypto ecosystem.
Warden also talked about the collapse of the Terra blockchain a few weeks ago. According to the Algorand Foundation CEO, algorithmic stablecoins will continue to step up despite Terra’s collapse as the ecosystem continues to work towards finding excellent decentralised stablecoins.
She added that the Algorand Foundation has set aside $1 million to help Terra developers to migrate to the Algorand blockchain.
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