fbpx
QQQ
+ 0.89
339.46
+ 0.26%
DIA
+ 0.07
344.91
+ 0.02%
SPY
+ 0.75
422.86
+ 0.18%
TLT
-0.23
142.77
-0.16%
GLD
-2.04
179.78
-1.15%

Cardano And Polygon Skyrocket To New All-Time Highs As Investors Seek Elon Musk's Next Favorite Crypto

May 15, 2021 1:45 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Cardano And Polygon Skyrocket To New All-Time Highs As Investors Seek Elon Musk's Next Favorite Crypto

Proof-of-Stake (PoS) cryptocurrencies Cardano (CRYPTO: ADA) and Polygon (CRYPTO: MATIC) saw a major price growth following recent news that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk is looking for an energy-efficient alternative to Bitcoin (CRYPTO: BTC).

What Happened: Polygon saw its price increase by about 40% from a 24-hour low of $1.343 to a high of $1.88 before settling at $1.81, as of publication time. Cardano, on the other hand, rose by over 24.6% from a 24-hour low of $1.8944 to a high of $2.3607 and currently stands at $2.22.

Learn more: How To Buy Altcoins

Why It Matters: The news follows Musk recently tweeting that Tesla would stop accepting Bitcoin for its electric cars due to the concerns over the impact of the network's operations on the environment. He said he is looking at other digital currencies that use less than 1% of the energy that Bitcoin does.

PoS cryptocurrencies such as the ones that just saw this growth — which actually brought them both to new all-time highs — pride themselves on not needing powerful and power-hungry supercomputers that "mine" them and secure their network. Instead, network security is ensured by low-power computers that lock (stake) digital assets that will be lost if the network operators misbehave — by, for instance, approving transactions that should not be approved.

See also: How to Buy Cardano (ADA)

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

Posted-In:

Cryptocurrency Markets

Related Articles

Elon Musk Sets The Record Straight On When Tesla Will Accept Bitcoin Again

Elon Musk, CEO of Tesla Inc (NASDAQ: TSLA), clarified when the automaker would start accepting Bitcoin (CRYPTO: BTC) for its vehicles again in response to a tweet of one of the biggest crypto publications, Cointelegraph. read more

EXCLUSIVE: 'Clear Manipulation For Amusement's Sake,' Crypto Group Trying To Oust Elon Musk As Tesla CEO Says There's Sense Of 'Betrayal'

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has ruffled enough feathers with his fervent tweets on cryptocurrency that a group has launched a whole new project aimed simply at putting an end to his alleged market manipulation. read more

EXCLUSIVE: Dogecoin Co-Creator On Development Efforts Says 'No Knock On Elon,' Others But Actions Speak Louder Than Words

Dogecoin (DOGE) co-creator Billy Markus shared his thoughts on Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and others’ efforts to advance and develop the meme coin. read more

Bitcoin Chops, But Could Be Prepping For A Move

Bitcoin (CRYPTO: BTC) fell off a cliff on March 12 after Tesla Inc (NASDAQ: TSLA) CEO Elon Musk announced on Twitte read more