As we all know in the world of Bitcoin and altcoins, developer activities are extremely important. Such activities are necessary for the survival of projects and the continuation of their activities. A recently released metric shows that four altcoin projects are in competition. Let’s take a look at the details together.
Altcoin Cardano outperforms its competitors in development activities
Cardano, one of the biggest competitors of the Ethereum network, ranked first in terms of Github commitments tracking development activities across blockchains. Over the past month, ADA’s development activity has gained momentum despite the altcoin’s price drop. ADA price is trading at $0.2615 at the time of writing. The altcoin is currently trading below its three long-term Exponential Moving Averages (EMAs). There are also no significant signs of improvement.
According to data from crypto intelligence tracker Santiment, the Polkadot and Kusama blockchains have recorded the highest level of development activity in months. In the past thirty days, the altcoin has outstripped Cardano, Polkadot, Kusama, Chainlink, and other competing blockchains. It also ranked first in development activities on Github.
The opposite development of price performance
Developers are constantly building as the ADA price drops. Altcoin Cardano has received an average of more than 500 daily submissions from developers on Github over the past 30 days. However, higher development failed to catalyze a recovery in the asset’s price.
Altcoin Cardano ranks first in development activity, as recorded by Santiment. Development activity typically does not correlate with asset prices. But in the long run it is about the adoption and utility of the asset. Therefore, Cardano’s increased development activity can be attributed to greater adoption of the altcoin in the future. Projects are more likely to choose Cardano blockchain for the distribution of their smart contracts in response to the rapid evolution of the chain.
Latest status for altcoin
Altcoin ADA price is in a downtrend starting mid-July 2023. ADA price declined steadily after peaking at $0.3788. Accordingly, it fell to $0.2383 on August 17. At the time of this writing, the altcoin has soared to $0.2613. However, it showed no signs of significant recovery.
The altcoin Cardano blockchain ranked first in terms of development activity compared to its competitors Polkadot, Kusama, and Chainlink. Over the past 30 days, Cardano has recorded the highest Github development performance among its peers. On the other hand, when we look at cryptokoin.com, the price of altcoin is struggling to survive the decline.
