Famous chartist and seasoned trader Peter Brandt recently found himself in hot water with the Cardano (ADA) community for his negative comments on alternative currencies. The outspoken Bitcoin maximalist Brandt claimed that Ethereum (ETH) and all other cryptocurrencies are either wannabes or scams and that Bitcoin is the only bet that can end the race.
The Cardano group, known for its zeal and active participation, didn’t take Brandt’s criticism well. Social media was used by supporters to argue for the legitimacy and value of the ADA community. They emphasized the strength of the Cardano ecosystem, stating that the community was built and maintained by a team of thousands of devoted individuals working on Cardano nodes and swimming pools.
Additionally, they discovered that Cardano has more than 1.2 million wallets and a devoted team of more than 1,000 builders who have been influencing the community for five years.
Members of the Cardano group criticized Brandt’s claim as having a bear market maximalist viewpoint typical of someone coming from an earlier technology who doesn’t fully understand the intricacy of the crypto ecosystem. They disputed his claims, arguing that he should continue to focus his efforts on chart analysis rather than making complex judgements about the functionality and performance of various cryptocurrency networks.
Additionally, not only the Cardano group but also supporters of other crypto projects were offended by Brandt’s comments. Supporters of Ripple (XRP) have been among those to fight out for their coin, claiming that Brandt had a limited understanding of the complex and diverse nature of the cryptocurrency market.
While Bitcoin continues to be the clear leader in terms of market capitalization and global reputation, the importance of strong, cutting-edge altcoin networks like Cardano and Ethereum in determining the direction of the cryptocurrency and blockchain space cannot be understated.