On Thursday (May 13), just one day after Tesla CEO Elon Musk caused a small crash in the crypto market with his announcement about Bitcoin, the price of Cardano’s $ADA token hit a new all-time high.
Data by TradingView indicates that at 12:12 UTC on May 13, on crypto exchange Kraken, the Cardano price hit $1.8740 to set a new all-time high.
Currently (as of 14:45 UTC on May 13), Cardano is trading around $1.8369, which means that it is up 5% vs USD in the past 24-hour period. As for the year-to-date period, $ADA is up 910.95% vs USD.
Perhaps it is not too surprising that out of the top 10 cryptoassets by market cap, at the moment, Cardano’s $ADA token is the only non-stablecoin cryptoasset that is in the green since in an interview with Forbes was published on April 26 Charles Hoskinson, Co-Founder and CEO of Input Output Global (IOG),said that Cardano is 1.6 million times more energy efficient at the moment than Bitcoin due to its use of proof-of-stake (PoS) consensus mechanism, which he says is much more energy efficient than Bitcoin’s proof-of-work (PoW) consensus mechanism:
“With proof of stake systems, instead of mining we say, “We’re just going to go ahead and weight your stake proportionally, treat it like a synthetic lottery, and you should win on average that much.” The advantage of proof of stake is that because you don’t have that gargantuan overhead and energy expenditure for deciding who gets to make a block, it means you can put a lot of your magic in the other two stages. So you end up getting protocols that are much lighter and massively more energy efficient. Cardano, for example, is 1.6 million times more energy efficient at the moment than bitcoin.“
According to data by CryptoCompare, currently (as of 15:10 UTC), Bitcoin is trading around $50,061, down 10 % in the past 24-hour period while Cardano is trading around $1.864, up nearly 10% during the same period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.