Cardano Cryptocurrency (ADA) Outlook: Green Bitcoin Alternative for Tesla?
Cardano Cryptocurrency (ADA) Talking Points:
- Cardano (ADA) prices surge after Elon Musk announces Bitcoin suspension
- Focus on sustainable energy elicits demand for an environmentally-friendly digital currency
- Could Ethereum-inspired ALT coin Cardano (ADA) be a perfect replacement for Bitcoin?
It’s been a busy weekend for Cardano cryptocurrency (ADA) after the Ethereum-based ALT coin proved to be resilient against a major cryptocurrency sell-off last week. The move came shortly after Elon Musk announced the suspension of BTC/USD as an alternative payment method for Tesla, highlighting the detrimental effects its mining has on the environment.
Discover why Elon Musk remains a key catalyst for the crypto sphere
As speculation and crowd psychology remain to be the primary catalysts for price action, Tesla CEO Elon Musk has swiftly transitioned from friend to foe for BTC enthusiasts after another one of his controversial tweets resulted in a cryptocurrency blood bath last Wednesday.
As the sell-off gained traction, ADA/USD took the center stage after revealing a negative correlation to Bitcoin, Ether and Dogecoin, sending it’s prices soaring into the weekend.
Cardano (ADA/USD) Daily Chart
Cardano (ADA/USD) price chart created using TradingView
As the crypto craze continues, the search for the ultimate coin has driven volatility to extreme levels as indicated by the ATR. With the unprecedented nature of the cryptocurrency, it is imperative to note that Cardano’s trajectory may change throughout the week, should Musk or additional proponents alter their tune regarding the institutional adoption of ALT coins in the foreseeable future.
--- Written by Tammy Da Costa, Market Writer for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.