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Coinbase’s 2023 Crypto Market Outlook Is Here, But Where Is Cardano?

Coinbase released its 2023 crypto market outlook, but Cardano founder Charles Hoskinson has noted that the network was left out. With less than two weeks left in the year 2022, companies have begun looking to the new year and tailoring their expectations for the year. For crypto companies such as Coinbase, it includes development on important which they are watching and how they expect these networks to perform in the New Year.

Where is Cardano?

The report released by Coinbase takes a look at the likes of Bitcoin and Ethereum, the developments, as well as topics such as regulation and NFTs, among others. However, in a tweet, Charles Hoskinson notes that the report does not mention the Cardano network.

The tweet which included a screenshot of the first page of the 57-page report said: “Not a single mention of Cardano. Pretty low and pretty sad. I honestly expected better.”

Not a single mention of Cardano. Pretty low and pretty sad. I honestly expected better pic.twitter.com/0VHSdm5A2H

— Charles Hoskinson (@IOHK_Charles) December 21, 2022

This has now sparked speculations that the crypto exchange had intentionally left out Cardano, especially when it mentions other Layer 1s such as Avalanche, Fanton and Solana, all of which Cardano ranks above in terms of market cap.

A reply under the founder’s tweet also pointed out that the Cardano news and community updates section on the Coinbase app were all out of date, with the last post highlighted to be from Oct. 4.

I was recently curious why NEWS and COMMUNITY UPDATES on Coinbase, under Cardano are out of date.

Is that Coinbase job to keep it updated? How come Solana has recent news? https://t.co/3rygDHi6rb

— MCJ (@matthewjura) December 21, 2022

So What Does The Report Talk About?

Coinbase’s report mainly revolved around the current crypto market landscape. Although it does not mention Cardano, it focuses heavily on Layer 1s and Layer 2s which it says was becoming much more competitive with time.

The report explains that a lot of the activity on these blockchains was swaying outside of the established cyclical market trend. Instead, each blockchain sees differences in usage and transaction growth not in tandem with one another.

“There is healthy user demand for solutions that address issues of scalability, speed, and/or transaction fees, but what is less obvious is whether this will become a winner-take-all market,” the report says.

ADA price trending above $0.25 | Source: ADAUSD on TradingView.com

It also mentions the FTX collapse and how the event has affected the liquidity in the market. Likewise, it has also had an impact on how legislation around the market is being viewed, as well as the diminished trust in the market following the crypto exchange’s implosion. But Coinbase expects the aftermath to provide a ripe environment for new innovation to push the industry towards more sustainable growth and less speculation.

Featured image from Coinbase, chart from TradingView.com

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