Cardano (ADA) Retakes Leading Position in Development Activity, Reveals Crypto Analytics Firm Santiment
The latest findings from blockchain analytics firm Santiment show that Cardano (ADA), a prominent Ethereum (ETH) competitor, has recently surged to the number one position in development activity rankings.
As per data from the market intelligence platform, Cardano has registered an impressive 611.47 significant GitHub commits within the last 30 days, securing the top position among all cryptocurrency projects.
Previously, Cardano trailed behind Polkadot (DOT) and its canary test network, Kusama (KSM), in this metric. Currently, Polkadot and KSM share the second position in the rankings with 500.67 GitHub commits in the past 30 days.
Santiment, the analytics firm, emphasizes that elevated levels of development activity often signify developers' confidence in the blockchain's sustainability, with potential new features on the horizon for the project's ecosystem.
As of the time of this report, ADA is trading at $0.251, experiencing a slight decline of over 2% in the last 24 hours.
Santiment is closely monitoring the supply of Bitcoin (BTC) held on cryptocurrency exchanges. According to their data, the supply of BTC on exchanges stands at 5.68%, the lowest level observed in nearly six years. This decline in Bitcoin supply on exchanges suggests that market participants are opting to hold their BTC for the long term, potentially reducing the impact of future sell-off events.
Santiment states, 'Bitcoin has seen its largest movement of coins (over 10,000 BTC) off exchanges since September 7th, while the leading cryptocurrency is making another attempt to surpass a market value of $28,000. The utility factor will be crucial, especially as the number of unique addresses has reached a six-week low.
As of the current moment, Bitcoin is trading at $27,587, reflecting a 1.2% decline in the past 24 hours.
Oct 11, 2023
