Considering the current trend, it is becoming obvious that Cardano (ADA), the 5th largest cryptocurrency by market cap, is benefitting from being a proof-of-stake (PoS) powered system.
It’s worthy of note that only Cardano (ADA) remained resilient when other top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and others, crashed following an unfavorable announcement made on 13th May by Elon Musk, the CEO of Tesla and founder of SpaceX.
Cardano (ADA) Breaks above $2
Cardano (ADA) has continued to outperform other top cryptocurrencies in the market. Due to this continued positive trend, the cryptocurrency has managed to break above $2 resistance for the first time in history.
The top digital currency has also managed to record an all-time high of $2.17 in the course of the magnificent price uptrend, according to CoinGecko. At the time of writing, Cardano (ADA) is trading at $2.12, with a relatively 13% price uptrend based on 24 hours estimation.
PoS Powered Blockchains Mostly Favored
In a time when discussion about which blockchain project is the greenest, proof-of-stake (PoS) powered blockchains such as Cardano (ADA) has been notably favored in terms of price appreciation.
The topic was initiated by the billionaire owner of Tesla, Elon Musk, after realizing that Fossil fuel has mostly been involved in Bitcoin mining rather than renewable energy. This resulted in the removal of Bitcoin from Tesla’s payment options, tanking prices of cryptocurrencies in the process.
However, it’s noticed that some blockchain projects powered by the energy-efficient PoS were not affected. Although it was strange, the announcement helped Cardano (ADA) to record new all-time highs, when Bitcoin, Ethereum, and others were losing extremely.