After launching smart contract capabilities, Cardano’s price is only falling since, turning negative after the Alonzo hard fork so let’s read more about it in today’s Cardano ADA news.
While Ethereum and Bitcoin touched plenty of all-time highs in the past two months, Cardano didn’t really see some strong peaks since September. Launching smart contracts didn’t seem to put a lot of power on its shoulders and the market cap, therefore, continued to decline. As of September 2nd, this year, ADA’s price peaked at over $34 and its market cap surpassed $100 billion which was eventually followed by a steep dropoff on September 7th alongside the rest of the market when El Salvador’s BTC law took effect.
The CTO Romain Pellerin disapproved of the comparison because Cardano and Ethereum were pitted as competitors. Pellerin himself even framed Cardano as he blockchain that will be on par with Ethereum once the smart contracts drop with a lower carbon footprint than the one of Bitcoin even. For this reason, Charles Hoskinson who is the founder of Cardano argued that Tesla should accept ADA for payments while Elon Musk said his company will stop accepting Bitcoin payments because of the strong environmental impact caused by mining. As a proof of stake, Cardano doesn’t require heavy energy consumption.
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