Proof-of-Share (PoS) cryptocurrencies have taken advantage of Elon Musk’s last lines. Cardano (ADA), Stellar (XLM), Hedera Hashgraph (HBAR), Klaytn (KLAY) and Polygon (MATIC) jumped in the last 24 hours.
The CEO of Tesla announced that the company has stopped accepting Bitcoin payments due to the “adverse impact” on the environment. The statement prompted novice investors to look to cryptocurrencies that use proof of work.
The environmental debate has highlighted cryptocurrencies that operate through proof of participation. Many refer to this model as being less harmful and polluting compared to Proof of Work, or PoW, used for BTC mining.
Cryptocurrencies rise at the point of sale
Cardano (ADA), the largest cryptocurrency by market cap for PoS, has risen in value. Its price has increased by 13% as of the time of writing this article.
However, the bullish move lost its steam. However, the daily high is 3.7%, the ADA is R $ 9.99.
Another cryptocurrency that was also launched was the Stellar (XLM). XLM is currently operating in an increment of 12.51%. However, the cryptocurrency has already been priced at 3.51 BRL.
More than 30%
However, the most popular cryptocurrencies weren’t the ones that made the most profit. With gains of around 30%, the lesser-known crypto yielded greater returns.
This is the case of Hedera Hashgraph (HBAR) and Klaytn (KLAY). 1st Opera in a strong 30.42% increase of R $ 1.70. The second, with an increase of 30.39%, was R $ 13.30.
However, high esteem happened with Polygon (MATIC). Up to this point, the value of MATIC has already increased by 36.14%, valued at R $ 7.14.
The influence of musk on the market
Important is the fact that these cryptocurrencies are among the top 100 currencies by market value. This suggests that the strength of Musk’s influence may have helped drive the prices of the relatively large cryptocurrencies into the market.
Musk currently has around 54 million followers. This is more than the population of many countries. As a result, much of what a billionaire posts on his Twitter site can cause a sensation in the financial market.
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Andrea Hargraves is a contributor to Brytfmonline.com, covering a broad range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. She is committed to delivering clear, accurate, and reader-focused reporting that helps audiences stay informed about current events and emerging developments. Andrea’s work emphasizes useful information, balanced coverage, and stories that matter to everyday readers, making complex topics accessible and relevant to a wide audience.