Cardano Takes Back the Lead on GitHub – Is ADA’s Trip to the Moon Guaranteed?

  • Cardano dominates the development activity, beating out other major players.
  • The ADA bears briefly give up their dominance, paving the way for the bulls to extend their rally.

In the first half of January, we noticed that Cardano was among the blockchain networks with the highest development activity. Fast forward to the present and Cardano has managed to secure the lead in terms of development activity.

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The findings regarding Cardano’s dominance in development activity came from ProofOfGitHub. The latter tracks daily development activity on GitHub.

The new report is based on observations made in the last 24 hours at the time of writing. The results revealed that Cardano managed to outperform its competitors such as Polkadot.

While high levels of development activity are good for boosting investor confidence, it is important to think about what that development is about. Another recent Cardano host points to a report revealing that Cardano currently has more than 4,800 smart contracts. In addition, there are more than 1,100 projects under development on the network.

A metric of Cardano’s development activity reveals that the network has maintained healthy development levels over the past 12 months. This is despite the backlash the ADA experienced during the same time.

Web development activity bottomed out over the holiday but has since recovered. Another interesting note about Cardano is that the tide is turning in favor of daily on-chain transaction volume in profit rather than loss.

In-loss transaction volume particularly dominated at the end of the year, while in-profit transaction volume accounted for the bulk in January 2023.

Source: feeling

An important point to note is that transactions are now relatively low compared to three-month highs. This reflects the strong rise in ADA that has been observed since early January.

Notably, the ADA bears briefly regained their dominance in the middle of the month but it was short lived and now the cryptocurrency has reached a new two-month high.

Cardano ADA price action

Source: TradingView

The extended ADA rise also reflects a continued increase in volatility. This was supported by a weighted sentiment increase since mid-January, confirming that investors were optimistic or optimistic about the outlook for ADA.

Cardano price volatility and sentiment weighted

Source: feeling

Cardano is certainly off to a healthy start this year, judging by the price action and strong development activity. It will be interesting to see how these factors play out in network performance as well as the value of ADA over the next few months.

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