Coinbase Pro recently saw the ADA token, issued by the Cardano blockchain project, achieve a new all-time high of $2.00.
Coinbase Pro is a cryptocurrency trading platform that caters to both crypto enthusiasts and independent traders. Online trading of digital assets has never been easier or safer. Regardless, the coin’s trend changed despite the news that Tesla Motors has delayed accepting bitcoin payments due to energy issues.
The most fundamental reason for the latest ADA price increase is the much-anticipated debut of the so-called Alonzo Testnet. Cardano is fully immersed in the world of smart contracts. Cardano aimed to compete with Ethereum, the most popular smart contract cryptocurrency network. Despite the fact that the Testnet has not yet launched, its ecosystem is growing tremendously with various lists.
Alonzo Testnet claimed to fix Ethereum’s flaws
These businesses list on the Cardano smart contract platform, and they prepare to launch their operations as soon as they become available in May 2021. The Alonzo Testnet claimed to fix Ethereum’s flaws, particularly in the areas of gas taxes and sale freights.
Because of excessive network usage, some investors invested up to $700 in gas fees. Investors may shift from the crowded Ethereum network to the Cardano blockchain once the Cardano Testnet launches.1
Another factor that contributes to the coin’s rise is energy use. Following Tesla Motors’ recent abandonment of bitcoin as a payment method due to its high energy consumption. Elon Musk, the firm’s Chief Executive Officer, announced that the business is developing a cryptocurrency that uses less than 1% of bitcoin’s energy use. The cryptocurrency that the electric vehicle firm is most likely to employ in the future might very well be ADA.
In comparison to bitcoin, which requires 707 kilowatts per hour, ADA uses 0.5479 kilowatts per hour. This makes ADA an encouraging cryptocurrency selection for Tesla Motors. Anyways, TRG Datacenters is a data center based in Houston, Texas.
ADA appears to be on its path to becoming one of the top cryptocurrency tokens. The current IOHK relationship with Tanzania’s Ministry of Education, East Africa, bolsters this claim. It has a year-to-date return on investment of 750 percent and is now ranked fourth in terms of market capitalization.
