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Cardano (ADA) jumped more than 7% to lead gains among major cryptocurrencies on Wednesday. At the time of writing, ADA was up 7.06% in the last 24 hours at $0.40.
In the early hours of Wednesday, Bitcoin increased toward $29,000 as some speculators pointed to the anticipation of a money injection in the coming weeks in response to signals of yet another U.S. bank collapse. The surprise increase in Bitcoin's price sent the rest of the market up as well.
According to Crypto Capital Venture founder Dan Gambardello, it might seem as though Bitcoin and Cardano bulls might be up to something. Gambardello posted price charts for both Bitcoin and Cardano. Most conspicuous is a positive MA crossing on both charts, which might be deemed bullish.
Bitcoin and Cardano bulls are up to something pic.twitter.com/eeLByVzdrw
— Dan Gambardello (@cryptorecruitr) April 25, 2023
Cardano's ADA validated a head and shoulders pattern, which contributed to its rise to highs of $0.462 on April 15. Shortly after reaching this high, Cardano began to decline as profit-taking occurred.
Tomiwabold OlajideADA hit major support at the daily MA 50 at $0.376 on April 24, where bulls aggressively bought the dip.
If current gains are sustained, ADA might be set to close on its second consecutive day of positive price action.
Cardano leads sustainability charge
According to Input Output Global (IOG), Cardano is leading the sustainability charge as the green blockchain because of its consensus protocol, Ouroboros. This proof-of-stake (POS) consensus mechanism emphasizes energy efficiency without compromising security.
It highlights that Cardano POS uses 47,000 times less energy than the proof-of-work mechanism used by Bitcoin. The annual energy usage of Bitcoin is 131 TWh, while that of Cardano is 0.00278 TWh.
Mining BTC requires powerful, expensive and energy-intensive hardware. Running a Cardano node, in comparison, just needs the processing power of Raspberry Pi, a cheap single-board computer with low power requirements.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya