The price of Cardano rises by more than 40% and presents itself as the best payment option for Tesla. Huobi Token appreciates by 25%, Polkadot gains 21%, and Stellar advances by 12%.
The cryptocurrency market has recently seen ups and downs, mainly due to the big correction of Bitcoin. About 80% of altcoins suffered drops, except for some that exceeded 40%, according to Live Coin Watch statistics.
Cardano (ADA) leads the weekly top 50, drawing attention as its executives offered it as an alternative to Bitcoin for Tesla. This cryptocurrency precedes Huobi Token (HT), Polkadot (DOT), Stellar (XLM) and EOS on the weekly top 50.
The price of Bitcoin has seen a significant drop in the last seven days. On May 12th, the pioneering cryptocurrency fell from USD 54,500 to USD 45,700, that is, it depreciated by around 17%.
Elon Musk’s Tweet Makes Bitcoin’s Price Drop Significantly
A tweet from billionaire Tesla founder Elon Musk seems to have been the reason for that drop in the price of Bitcoin. The businessman announced that the electric vehicle company would no longer accept payments with the pioneering cryptocurrency. That happened a few weeks after he had listed Bitcoin as one of their payment methods.
One of the arguments that led Musk to that decision is the alleged environmental impact of Bitcoin mining. Following his announcement, the price of BTC plummeted, showing small increases in recent days.
The Fall in Bitcoin’s Price Contributes to Ether’s Depreciation
As for Ether (ETH), it has been bullish most of the time. However, it has been undergoing a correction, possibly tied to Bitcoin’s crash, which recently drove it lower. The price of ETH moved between USD 3,800 and more than USD 4,300, depreciating by 0.9%.
Despite a recent slight drop, the second cryptocurrency on the market exceeded its all-time high. On May 10th, it broke the USD 4,000 psychological barrier.
Along with the increase in ETH’s price, its market capitalization also grew. It went above USD 500 billion, momentarily outperforming finance company JPMorgan. Besides, Ether surpassed large companies such as Walt Disney, Walmart, Bank of America (BoA), and PayPal, among others.
Regarding market capitalization, XRP lost 13% and Litecoin (LTC) depreciated by 8%. In contrast, the price of Cardano (ADA) advanced by more than 40% and Polkadot (DOT) gained 20%, which puts them on the weekly top 50.
The Cardano Cryptocurrency Presents Itself as an Alternative to Bitcoin
The Cardano Foundation believes that its native cryptocurrency ADA could be better than Bitcoin for trading Tesla’s electric vehicles. They intruded on the public debate after Elon Musk decided to stop accepting BTC as a means of payment, claiming environmental concerns.
The price of ADA skyrocketed when Cardano posted on Twitter that the cryptocurrency was better for Tesla. In that way, it broke the all-time high above USD 1.7 that it had reached on May 7th.
More recently, the cryptocurrency traded above USD 2, peaking at USD 2.29. The price of ADA has risen by more than 40% in the last 7 days.
At the time of writing this article, ADA is trading at around USD 2.20 and has a market capitalization of more than USD 70 billion. Meanwhile, HT is trading at around USD 29 and has a market capitalization above USD 5 billion.
By Alexander Salazar
