The Rise of Cardano in Cryptocurrency Development
Cardano ($ADA) has taken the lead in cryptocurrency development activity, surpassing Polkadot ($DOT) and Kusama ($KSM). According to data from Santiment, Cardano saw its development activity tower over other major cryptocurrencies, with Hedera ($HBAR) following Polkadot and Kusama, and Aptos ($APT) coming in fifth place. Status ($SNT) and Chainlink ($LINK) on Ethereum followed suit, but were still ahead of Cosmos ($ATOM) and Ethereum ($ETH), the second-largest cryptocurrency by market capitalization.
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. Santiment’s metric focuses on “events” rather than the total number of commits. Events encompass various actions taken on GitHub repositories, such as pushing a commit, forking a repository, or creating an issue.
An Accurate Representation of Work
Santiment’s approach provides a more accurate representation of the developers’ actual work by preventing duplication or inaccuracies that may occur when measuring development activity solely by commits. For instance, forking creates a duplicate copy of a repository, including all previous commits. By counting the forking action as a single event, Santiment avoids falsely attributing older commits to new developers.
Rising Prices and On-Chain Activity
Cardano’s prices have risen 36.5% over the past two weeks. Additionally, ADA address activity rose 23% in the last three weeks. Over that same period, whale transactions rose 32% as on-chain activity surges.
Hot Take: Cardano’s Potential Growth
Cardano’s ADA could rise as much as 43.5% in November based on historical data suggesting that the cryptocurrency’s price could go up this month based on average returns. However, its median return over the month suggests a potential decline of 2.5%.
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