Home Altcoin Cardano ATH (ADA) in a blood red market: the Elon Musk effect?

Cardano ATH (ADA) in a blood red market: the Elon Musk effect?

Cardano, designed to be effective? – The crypto-asset market is just starting to recover from the shocking statement by Elon Musk and Tesla, who abruptly decided to renounce accepting bitcoins to buy their electric cars. Yet even in the midst of this bearish FUD, a Top 20 altcoin not only rose, but even achieved its all time high: Cardano (ADA).

An ADA on the verge of hitting $ 2 in the middle of a gloomy market

On the occasion of their disastrous declaration announcing that Tesla was abandoning the acceptance of payments in bitcoins (BTC), Elon Musk and his company clarified that they were “attentive” to any other cryptocurrency whose use would not exceed “1% energy required for BTC transactions ”.

Thus, while Bitcoin collapsed by -10%, dragging with it in its fall almost the entire crypto market, the ADA token of the Cardano project particularly stood out, being the only one to experience a rise of more than 12%, despite the panic effect that Tesla’s announcement created.

In fact, to be more precise, the ADA token even had its all-time high on May 13, 2021, yet blood red for the majority of other cryptocurrencies. The Cardano blockchain unit of account reached $ 1.97 on that day, according to data from CoinGecko.

Cardano, a more efficient solution than Bitcoin?

This upsurge in ADA is likely due in part to its reputation for low energy expenditure on its transactions, as these are already based on Proof of Stake (POS) consensus.

A tweet from IOHK, in charge of the development of the Cardano project, supports this point, and quotes a statement by its co-founder Charles Hoskinson made shortly after that of Elon Musk:

Between this present statement and a recent one dated April 26, where Charles Hoskinson spoke of a Cardano 1.6 million times more energy efficient than Bitcoin, it did not take more than the attraction for a crypto with “less than 1% of the energy needed for BTC” from Tesla and Elon Musk ignites the powder and takes the ADA to new heights.

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