Cardano is one of the few cryptocurrencies that seemed to be defying gravity in the last 7 days, while other major cryptocurrencies have given themselves to the market bears.

The crypto bull market has been quite generous to ADA, whose price traded at $0.17 on January 1, 2021. Its price has been enjoying steady gains since then, but a series of events recently gave it the momentum to soar past $2, registering a new all-time high of $2.47 on May 16. The cryptocurrency experienced a strong uptick on May 13, right after Tesla CEO Elon Musk announced through a tweet that his company would cease to accept Bitcoin as payment for Tesla EV purchases.

What does Musk’s tweet have to do with Cardano? It turns out that the reason he decided to no longer accept Bitcoin as payment, was due to the use of fossil fuels to power its energy-intensive mining processes. Cardano’s proof-of-stake approach to transaction validation is one of the most efficient approaches to crypto mining, meaning it would be a better-suited candidate for Musk to use.

There was speculation that Tesla would seek alternative cryptocurrencies that Tesla would adopt after ditching Bitcoin payments, thus many investors started buying Cardano. It perfectly reflects Cardano’s price surge on May 13. Elon Musk was not the only billionaire that may have facilitated ADA’s ATH. Mark Cuban recently held a Twitter conversation with Cardano CEO Charles Hoskinson, during which he seemed eager to learn more about ADA.

The Cardano CEO took the opportunity to talk about ADA’s potential use cases and its strengths over the Ethereum blockchain. Mark Cuban spoke about Dogecoin a few days prior, and his recent interest in Cardano is a good sign that ADA is headed in the right direction.