Anika Begay
Cardan (ADA) has jumped into the top 3 cryptocurrencies with the highest development activity, surpassing even Ethereum (ETH)the leading altcoin and the second largest cryptocurrency by market capitalization.
Cardano ranks third for highest development activity
On an August 6th send on X (formerly Twitter), an on-chain market intelligence platform, Holy has released updates on recent changes in development activities among major cryptocurrencies. The decentralized crypto data platform has unveiled its rankings of the top cryptocurrencies, with the most noteworthy development activities in the last 30 days. These rankings are based on a detailed analysis of GitHub activity in project repositories.
Sentiment revealed that Cardano quickly moved to the third spot among the top 10 cryptocurrencies with maximum development activityThe cryptocurrency surpassed Ethereum by a significant margin, reaching a score of 452.85 with a market cap of $12.05 billion.
Over the past few months, Cardano has grown significantly, revealing multiple development projects that have contributed to the progress of its ecosystem. Some of the ongoing updates on its platform include Chang hard fork imminent intended to improve the Cardano blockchain and transform its governance structure.
Dave, a Cardano and DEX development enthusiast, revealed in a post X that approximately 66.47% of blocks were created on a Chang-ready node version, underlining the imminent launch of the hard fork. Exchange update It is intended to bring security and stability improvements to the Cardano blockchain, strengthening the network’s resistance to potential attacks or vulnerabilities.
Going forward, Cardano’s rise over Ethereum in terms of development activity is a significant milestone, which underscores the blockchain resilience amid broader market downturnsAccording to Santiment analysis, Ethereum has dropped significantly, now ranking ninth among the top 10 cryptocurrencies.
Internet Computer (ICP) leads the ranking with a score of 570.1, standing out for its strong presence in the artificial intelligence (AI) sector and its substantial market capitalization of $3.5 billion. Ivy (HBAR) had reached the second place, with a score of 468.03, with a market capitalization of $12.05 billion.
The top 10 also highlights other important cryptocurrencies such as Chain (LINK)Optimism (OP), Cosmos (ATOM), Starknet (STRK), Ethstatus (SNT) and Polka dots (DOT).
ADA Sees Slight Improvement in Price Performance
As Cardano climbs to the top three in development activity, the cryptocurrency has also seen a slight improvement in its price performance. Over the past week, The price of Cardano increased by a staggering 14.41%, while 24-hour trading volume increased by 49.66%.
CoinMarketCap data reveals that Cardano price has been traded at $0.33 at the time of writing. Although the cryptocurrency has seen significant drops over the last month, Cardano continues to show optimistic signs of the future growth of its value.
Cryptocurrency analyst Javon Marks also expressed bullish sentiments on Cardano’s future prospects, predict that the cryptocurrency could rise to $5 in this bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
