Cardano (ADA) registers new ATH after crypto market correction

Cardano’s ADA cryptocurrency hit an all-time high on Thursday, May 13, as it maintained its upward momentum.

So far this year, ADA went from $ 0.181 to $ 1.86, representing a 900% growth for the cryptocurrency, while ethereum (ETH) also had significant gains.

ADA is a competitor to ETH. As a mathematician and co-founder of Ethereum Charles Hoskinson launched Cardano in 2017.

<em> Source: </em> <a href= CoinGecko ” src=”” data-src=”–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYxNS42NDIyNDU0ODA0OTQ4/–~B/aD02NzQ7dz0xMDUxO2FwcGlkPXl0YWNoeW9u/″/><em> Source: </em> <a href= CoinGecko ” src=”–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYxNS42NDIyNDU0ODA0OTQ4/–~B/aD02NzQ7dz0xMDUxO2FwcGlkPXl0YWNoeW9u/″ class=”caas-img”/>

His goal was to create a fast and scalable blockchain. Thanks to its proof-of-stake (POS) consensus mechanism, this has been the case. It provided much faster transactions with negligible fees compared to ETH.

ADA’s bull run may come as a surprise to some, after Elon Musk triggers a crypto market correction after tweeting that Tesla will no longer accept Bitcoin (BTC) for purchases.

Bitcoin tesla

Bitcoin tesla

This is due to the rate of energy consumption when mining cryptocurrencies. Most of the big cryptocurrencies were hit hard, including Bitcoin, ETH, and Dogecoin (DOGE).

The news ignited Twitter with many users excited about where ADA could go.

Some wondered if ADA was the new cryptocurrency that was never sold, while others were convinced that Musk was behind the bull rally.

Elon Musk and TwitterElon Musk and Twitter

Elon Musk and Twitter

The big plans of the project

This follows the recent announcement that Cardano’s parent company, Input Output, has partnered with World Mobile Group.

The partnership is aimed at expanding Cardano use cases in African countries, such as Tanzania and Ethiopia.

Cardano CEO Charles Hoskinson has previously spoken out on the company’s roadmap, admitting that the company failed to meet the five-year targets set for the project:

“Of course, I am a very optimistic person and I tend to underestimate engineering and scientific complexity, so we did not reach that milestone. 2021 is kind of a year of overflow, in which we are working together and igniting all the things that we have dreamed of for the last five years ”.

The post Cardano (ADA) registers new ATH after correction of the crypto market was first seen on BeInCrypto.

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