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$ADA What is Cardano? The ‘green’ crypto that defied Musk’s bitcoin crash – and hopes to surpass Facebook and Netflix Stay up to date with notifications from The Independent Notifications can be managed in browser preferences. Not now Yes please Jump to content Independent Subscribe Menu News Sport Voices Culture Lifestyle IndyBest Deals Travel Space What is Cardano? The ‘green’ crypto that defied Musk’s bitcoin crash – and hopes to surpass Facebook and Netflix Ada price has risen more than 1,000 per cent in 2021, pitching itself as the ‘most environmentally sustainable’ cryptocurrency Anthony Cuthbertson Tuesday 18 May 2021 11:47 BST 5 Comments Cardano’s market cap has risen 70-fold between October 2019 and May 2021 open image in gallery Cardano’s market cap has risen 70-fold between October 2019 and May 2021 (Cardano Foundation) Leer en Español Sign up to our free IndyTech newsletter Email* Email SIGN UP Within an hour of Elon Musk announcing that Tesla would no longer accept bitcoin payments last week, more than a quarter of a trillion dollars was wiped from the global cryptocurrency market. The billionaire entrepreneur and part-time crypto enthusiast cited concerns about bitcoin’s environmental impact, which had the knock-on effect of crashing the price of nearly all of its rivals – with one notable exception. The Ada cryptocurrency, based on the Cardano platform, not only avoided a price fall, it actually rose by 20 per cent in the immediate aftermath of Musk’s tweet, before climbing to a new all-time high over the weekend above $2. One reason for this is its underlying technology, which relies on a proof-of-stake, not proof-of-work. This means it does not depend on electricity-guzzling computers in order to process transactions and generate new units of Ada.

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