Cardano And Polygon Skyrocket To New All-Time Highs As Investors Seek Elon Musk's Next Favorite Crypto
Proof-of-Stake (PoS) cryptocurrencies Cardano (CRYPTO: ADA) and Polygon (CRYPTO: MATIC) saw after the latest news that Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), was looking for an energy efficient alternative, strong price growth on Bitcoin (CRYPTO: BTC).
What Happened: Polygon saw prices soar around 40% from a 24-hour low of $ 1.343 to a high of $ 1.88 before leveling off at $ 1.81 at the time of writing. Cardano, on the other hand, rose over 24.6% from a 24-hour low of $ 1.8944 to a high of $ 2.3607 and is currently at $ 2.22.
More information: How to Buy Altcoins
Why It Matters: The news follows Musk, who recently tweeted that Tesla would no longer accept Bitcoin for its electric cars amid concerns about the environmental impact of network operations. He said he was looking at other digital currencies that use less than 1% of the energy that Bitcoin uses.
PoS cryptocurrencies like the ones that have just seen this growth - which actually took them both to new highs - pride themselves on not needing powerful, power-hungry supercomputers to "tear down" them and secure their network. Instead, network security is ensured by low-power computers that lock (set) digital assets that are lost if network operators misbehave - for example by approving transactions that shouldn't be approved.
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