Cardano All-Time High, Stellar (XLM) Up 15% And Bitcoin Down 17% This Week

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Last Updated on 16 May 2021 by CryptoTips.eu

Jeroen Kok

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As we enter Sunday, it’s time to make up the balance of the past week. Without hesitation we dare to say it’s been a bad one for Bitcoin. The world’s biggest cryptocurrency is down almost 17% in the past seven days, and the man the cryptosphere blames for this is none other than Tesla boss Elon Musk.

After his appearance on SNL last weekend, Musk released a statement updating his views on Bitcoin. He claimed that the electrical vehicle company he spearheads would no longer be accepting payments in Bitcoin, but would rather be looking for greener alternative cryptocurrencies. This was the beginning of proof-of-stake versus proof-of-work coins in the cryptosphere.

Musk followed up later this week saying that:

I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.

Of course, his words had impact. Come Sunday and we can see that Cardano’s ADA is now one of the clear winners, having flipped Dogecoin in the process as it broke through the $2 range and hit a new all-time high in the past day of $2.46.

Stellar is only down 18% from its previous all-time high in 2018 and is currently trading 15% higher than yesterday. XRP has also double green digits and is trading 16% higher.

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Coal and other fossil fuels

Cardano is surging because the coin relies on proof-of-stake rather than proof-of-work. The latter technology comes with a very power hungry bunch of ever increasingly difficult solutions that need to be solved by computers who, mostly in China, still rely on coal and other fossil fuels to make them work.

Meanwhile proof-of-stake is in comparison much greener and until the power source of Bitcoin shifts, climate change savvy investors might prefer ADA (and other proof-of-stake coins) over anything else for the time being apparently.