$ADA What is Cardano? The ‘green’ crypto that defied Musk’s bitcoin crash – and hopes to surpass Facebook and Netflix
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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
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Cardano’s market cap has risen 70-fold between October 2019 and May 2021
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Cardano’s market cap has risen 70-fold between October 2019 and May 2021 (Cardano Foundation)
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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.
