When virtually all cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), were massively falling following an unfavorable announcement about Bitcoin (BTC) by Elon Musk, Cardano (ADA), the 4th largest cryptocurrency by market cap, shockingly remained resilient.
Many have since attributed this positive trend to the fact that Cardano (ADA) is arguably the greenest in the crypto ecosystem.
Energy Efficiency: Cardano Beats Bitcoin, Gold, and Banking System
In a chart credited to Galaxy Digital and Forbes, and shared by a Cardano enthusiast on Twitter, Aleksandra Huk, Cardano’s proof of stake (PoS) flawlessly beat Bitcoin’s proof-of-work (PoW), Gold, and Banking System in terms of energy efficiency.
In the chart presented, the Estimated Annual Energy Consumption of the three assets (Cardano, Bitcoin, Gold) and Banking System, was measured in terawatt hour (TWh) per year.
Per the chart, Cardano used 0.006 TWh, Bitcoin used 113.89 TWh while Gold and Banking System consumed 240.21 TWh and 263.72 respectively.
Captioning the image of the chart, Aleksandra Huk wrote, “This put things into perspective. 1. we should all boycott banks and ditch fiat, for the sake of our planet. 2. gold sucks nearly as much as our banking system 3. Bitcoin is over half less harmful for the environment, than the system we are using daily 4. Cardano fixes this.”
This put things into perspective.
1. we should all boycott banks and ditch fiat, for the sake of our planet.
2. gold sucks nearly as much as our banking system
3. Bitcoin is over half less harmful for the environment, than the system we are using daily
4. #Cardano fixes this pic.twitter.com/tF3eh2seUR
— Aleksandra Huk (@HukAleksandra) May 17, 2021
Cardano (ADA) and the Crypto Market
Over the past few days, it has been a dramatic scene in the crypto market. The bear sent by Elon Musk, the CEO of Tesla, is still very much active.
Over a carbon footprint-related issue, Elon Musk decided to make a U-turn on his previous belief in Bitcoin (BTC). He also decided to suspend the flagship cryptocurrency as a Tesla payment option, hence the magnificent crash in terms of price.
Surprisingly, Cardano (ADA), a proof of stake powered blockchain project, did not tend to the negative trend. ADA only seized the opportunity to surge even higher, recording a new all-time high around 2.40 in the process.
Although Cardano has since retraced, it’s still holding above the $2.00 support level. At the time of filing this report, ADA is trading at $2.05, with a relatively 5% price downtrend in the last 24 hours.