While the majority of markets have experienced a drop since yesterday following Elon Musk’s announcements, the price of Cardano cryptocurrency (ADA) stands out for its great shape. The altcoin hit an all-time high during this period.
Cardano: ADA price hits record
The CEO of Tesla single-handedly created a correction in the cryptocurrency markets, announcing that Tesla was suspending Bitcoin (BTC) purchases for environmental reasons. In the top 10 most capitalized cryptocurrencies, however, one altcoin is doing quite well: Cardano. The ADA hit an all-time high at $1.97 early this morning:
Source: TradingView, ADA / USDT
This was made possible by a jump of +31% in just under 24 hours. ADA’s capitalization now exceeds $59.6 billion, making it the fifth-largest cryptocurrency. Over the year, Cardano’s cryptocurrency posted spectacular growth of +3480%.
What is behind the price surge
This ADA leap appears to come in reaction to Elon Musk’s statements. It has been a few weeks since Cardano steered the discussions on its energy efficiency. Charles Hoskinson declared at the end of April that Cardano (ADA) would be 1.6 million times more energy-efficient than Bitcoin (BTC).
IOHK, the company that manages Cardano, has not failed to capitalize on the fear that the markets have just experienced: “Energy inefficiency is in Bitcoin’s DNA. Cardano uses and never will use more than the equivalent of a household’s energy consumption. “
The result seems to be this progression of Cardano, which is the only altcoin in the top 10 with Dogecoin (DOGE) to be in the green over the last 24 hours. Cardano is known for its good PR with its founder Charles Hoskinson notable for his frequent updates on the project. It is seen by many as a major threat to Ethereum and Binance Smart Chain.