Cardano (ADA Has Remained the Most Actively Developed Cryptocurrency Project
According to data from on-chain analytics firm Santiment, the popular smart contract platform Cardano ($ADA) has maintained its top spot in cryptocurrency development activity. This puts it ahead of major digital assets Bitcoin ($BTC) and Ethereum ($ETH).
Polkadot ($DOT) and Kusama ($KSM) in Second and Third Place
Polkadot and its public pre-production environment Kusama came in second and third place respectively. Notably, Optimism ($OP) came right after, outperforming other major digital assets.
Understanding Development Activity
“Development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.
More Accurate Representation of the Developers’ Actual Work
Santiment’s metric focuses on “events” rather than the total number of commits. This approach prevents inaccuracies that may occur when measuring development activity solely by commits.
Significant Price Surge Amid Wider Market Bull Run
In 2021, Cardano witnessed a significant price surge amid a wider cryptocurrency market bull run, surging to the $2 mark before correcting to $1.12 by mid-2021. The cryptocurrency then kept on surging, to hit an all-time high near the $3 mark. Cardano’s price then started dropping.
Bullish Analysts on ADA in the Near Future
Some analysts are bullish on ADA. According to popular cryptocurrency analyst Ali Martinez, Cardano’s current consolidation phase mirrors that of late 2020, when the cryptocurrency was trading at around $0.10 per token.
ADA Could Resume its Upward Trend and Hit $7 Mark
Per the analyst, if history repeats itself, ADA could resume its upward trend around April to hit $0.8 in the near future, before enduring a brief correction to $0.6. ADA’s price could then skyrocket to the $7 mark.
Hot Take
Despite the drop in the total value locked on Cardano’s DeFi protocols, some are optimistic about the future of ADA. Analysts believe the cryptocurrency could resume its upward trend and surge significantly in the near future.
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