Cardano (ADA) is among the very few major cryptocurrencies that have managed to survive the turmoil in the cryptocurrency world. ADA recently reached a new all-time high, attracting the attention of buyers. Now it seems like it is time for the 4th ranked crypto money to take its place under the spotlights.
While Cardano is doing well compared to the general market, the wider market is suffering. Over $ 300 billion of crypto investments were wiped off the market last week. Bitcoin’s price has dropped almost 20% in the past seven days, pulling the wider crypto market down with it.
All of this came after Tesla CEO Elon Musk announced that his firm would stop accepting Bitcoin as payment for its electric vehicles due to energy concerns.
Cardano’s ADA somehow managed to shine in the badly hit market. While most crypto projects fell, ADA grew by almost 45% and hit an all-time high of $ 2.46 before retracing to continue trading just above $ 2.
Many industry experts; While pointing to Cardano’s energy consumption advantage over Bitcoin and Ethereum, there are several other reasons why altcoin performs so well in the overall crypto market decline.
1. Green Coin (PoS Algorithm)
Unlike Bitcoin and Ethereum, Cardano’s ADA uses a Proof of Stake (PoS) protocol called Ouroboros. This protocol allows miners to validate transactions by periods or time frames depending on the number of tokens they hold. This results in much less energy consumption.
This feature causes Cardano’s CEO Charles Hoskinson to brag that ADA is 1.6 million times more energy efficient than Bitcoin at every opportunity.
The PoS protocol is faster in verifying transactions than the 15 transactions per second (TPS) the Ethereum network currently offers. ADA has 257 TPS but can grow much faster once the roadmap is complete. Cardano is also called the Ethereum killer because of the constant and steady development of its network.
With the impact of growing energy concerns made even more obvious by the Tesla boss, ADA could become the best performing crypto asset in the coming weeks.
2. Cardano’s Roadmap
If we’re going to talk about a plan, Cardano has always been the most consistent blockchain network in the crypto space. Hoskinson, also co-founder of Ethereum, quickly realized that Bitcoin and Ethereum were flawed.
After this awareness, the mathematician who left the Ethereum Foundation soon established Cardano as a cryptocurrency that would not have the problems of others and published a roadmap. This highly consistent decentralized platform has already completed three of its upgrades. All these changes positively affected Cardano’s ADA.
In addition to an already impressive resume, Cardano recently signed an agreement with the Ethiopian government to enroll more than 5 million students and teachers in the Atala PRISM identity solution. In addition, the corporate blockchain framework will also monitor the performance of students in local schools.
3. Cardano’s Affordable Price
Another attractive feature of Cardano’s native token is the price advantage of owning Cardano’s ADA. Compared to Bitcoin’s massive $ 50,000 and Ethereum’s $ 3,500 price valuation, Cardano’s $ 2.00 value looks like a great opportunity. Thanks to its affordable price, investors can have more ADA tokens without spending a lot of money, and many crypto investors may soon turn their attention to this altcoin, as the token is ready to live under the alias “Ethereum killer”.