As we all know by now the power of Elon Musk is a very real thing and he has used his power once again to influence the market. Bitcoin was the first to take this huge hit but as is always the case the majority of the market followed suit.
Cardano wasn’t exempt from this as the price itself fell from $1.70 to below $1.50. Since this significant dip though, Cardano has risen considerably and at the time of writing is trading at $1.90. This means that the price is up 11% over a 24 hour period. The only other coin to see growth in the last 24 hours is Nano. (this is based on coins that feature in the top 100 coins in terms of market cap)
This is probably due to speculation that Musk might turn his attention to Cardano as it is one of the most energy-efficient coins on the market. The data suggesting that only XRP is superior in this regard. Nano is also said to be excellent which will come to explain why the price of the cryptocurrency has doubled within 24 hours despite the chaos surrounding the markets.
What also has helped the price of Cardano rise is the months of price consolidation. This has allowed for the price to fly without the feeling that the price could come crashing down any minute. The next few days will be fascinating to watch and there are if the rest of the market begins to recover it would be great if Cardano can find new levels of price consolidation. Alternatively, it is not out of the question that Cardano can go into full blastoff mode from here. $2 is the next target and landmarks tend to trigger more buyers.
Of course, any news that can turn speculation into reality will also be huge for the price of Cardano. Musk is not obliged to pick another coin but his tweet did say that he does believe in cryptocurrency and was looking for alternatives.
