A new White House energy report has revealed which altcoin projects using Proof of Stake are the most efficient in terms of electricity consumption.
White House report highlights this altcoin project
The report, released by the White House, aims to understand the impact of the cryptocurrency space on climate change. It also evaluates the reforms that the government should implement to improve the environmental impact of cryptocurrencies.
On one of the pages of the report, the White House ranked all cryptocurrencies by market cap and energy consumption. Cardano ranked 3rd overall. Likewise, it took the 1st place on the Proof of Stake front.
White House report fires Cardano supporters and community members
As expected, Cardano soon garnered a lot of support on Twitter. Many cited this as a bullish sign for ADA. This announcement was seen as a sign of approval from the White House. People on social media reacted positively to this update.
Cardano’s social media presence has been gradually increasing for some time now, with social interactions increasing by 20.55% and social betting by 29.97% during the month. However, that’s not the only good news for ADA, which has been growing steadily for some time. ADA has seen a moderate drop in volume lately. However, despite this, the trading volume increased from 732.33 million to 763.21 million dollars in a short time. In addition, the MVRV rate is rising steadily. The same is interpreted as another indicator of the bullish future.
It is worth noting here that there has been a sharp decline in developer activity. As the Vasil hard fork approaches, some developers eyebrows are raised. It is worth noting that there was no delay in the development of the ascension. But although the developers are very positive, this is a cause for concern.
In which direction could ADA price gain momentum?
ADA is currently trading at $0.4839. The altcoin recorded a 1.88 percent increase in 24 hours. The crypto’s price is trading between the $0.519 resistance and the recent support at $0.431. The RSI had a value of 65.54. This is also a good indicator that buyers are currently in momentum. With the altcoin testing the $0.51 resistance, the future on the charts is pretty optimistic for ADA.
Finally, the CMF was at 0.08. Now, while that might sound like a bit of an upside reading, it’s not a strong enough indicator of an upside future for ADA.
Therefore, more research is required before investing in any position. With the highly anticipated Vasil hard fork approaching, readers can expect a lot of volatility. To better understand where the ADA is going cryptocoin.com You can check out Vasil hard fork reviews here.
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