Cardano Surges During $300 Billion Crypto Crash As Musk Eyes Sustainable Bitcoin Alternatives – Forbes

Cardano Surges During $300 Billion Crypto Crash As Musk Eyes Sustainable Bitcoin Alternatives – Forbes


Topline

While the broader cryptocurrency market plunges after billionaire Elon Musk said Tesla would no longer accept bitcoin because of its hefty environmental cost, the price of Cardano’s ada, the world’s fourth most valuable token, surged, as crypto traders and analysts plow into the token that promises it’s a much less carbon-intensive alternative.

Key Facts

The only top-ten cryptocurrency rising Thursday, Cardano’s ada token hit its latest high of $1.96 around noon EDT, catapulting its market capitalization to roughly $61.5 billion.

Meanwhile, the broader cryptomarket was plunging 9% over the past 24 hours after Musk’s Wednesday tweet announcing Tesla’s bitcoin pivot and blasting its environmental cost—a single development that wiped out more than $300 billion in cryptomarket value in just hours.