Cardano (ADA) is repeating the fate of EOS and its likes in past cycles, losing capitalisation in a bull market despite all the updates. Since reaching ATH in September 2021, the rate has fallen by 85% (the situation is worse only for XRP).
While ADA price has been disappointing many investors, I don't think ADA will repeat the failure of EOS. The EOS blockchain faced many problems in the cycle 2020: it was abandoned by BlockOne, did not receive the $4B development budget from ICO, the departure of Dan, and the ineffective experiments of ENF. Because of this drama, the EOS price could not grow impressively in the bullrun 2021 even though it was one of the best blockchains in the market in terms of scalability and stability.
On the other hand, Cardano has a large community, a large development budget, and many impressive recent developments. Cardano's problem is the weakness of DeFi caused by the lack of stablecoins and liquidity. I still choose to continue to believe in the future of Cardano and ADA in this bullrun!