There is not just one most powerful card. Throughout the magic years there have been 9 cards that surface as the most powerful and the most feared. They were all printed in Alpha and I really Really hate them (just because I dont have them)
the Power 9 are:
Mox Jet
Mox Sapphire
Mox Ruby
Mox Emerald
Mox Pearl
Black Lotus
Ancestral Recall
Time Twister
Time Walk
These cards are worth hundreds of dollars a piece
Answer
The 'power nine' are notably more powerful then nearly anything that came after. However the card 'Black Lotus' is generally considered to be the most powerful.
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