Cardano Moves Into Top 3 In Major Market Metric Ahead Of Ethereum

Cardano (ADA) has jumped into the top 3 in cryptocurrencies with the highest developmental activities, surpassing even Ethereum (ETH), the top altcoin, and the second-largest cryptocurrency by market capitalization.

Cardano Ranks Third In Highest Developmental Activity

In an August 6 post on X (formerly Twitter), on-chain market intelligence platform, Santiment released updates about the recent shifts in development activities amongst the top cryptocurrencies. The decentralized crypto data platform has unveiled its rankings of the top cryptocurrencies, with the most notable development activities for the past 30 days. These rankings are based on a detailed analysis of the GitHub activity across project repositories. 

Sentiment disclosed that Cardano has swiftly moved into the third spot among the top 10 cryptocurrencies with the highest developmental activity. The cryptocurrency surpassed Ethereum by a significant margin, achieving a score of 452.85 with a market capitalization of $12.05 billion. 

Within the past few months, Cardano has been growing significantly, unveiling multiple developmental projects that have contributed to the advancement of its ecosystem. Some of the ongoing upgrades on its platform, includes the upcoming Chang hard fork set to improve the Cardano blockchain and transform its governance structure. 

Dave, a Cardano development and DEX enthusiast, revealed in an X post that approximately 66.47% of blocks have been created on a Chang-ready node version, underscoring the imminent launch of the hard fork. The Chang upgrade is set to lap bring security and stability enhancements on the Cardano blockchain, bolstering the network’s resistance to potential attacks or vulnerabilities. 

Moving ahead, Cardano’s rise above Ethereum in terms of developmental activities is a significant milestone, underscoring the blockchain’s resilience amidst broader market downturns. Based on Santiment’s analysis, Ethereum had fallen significantly, now holding ninth place amongst the top 10 cryptocurrencies. 

Internet Computer (ICP) led the rankings with a score of 570.1, distinguished by its strong presence in the Artificial Intelligence (AI) sector and its substantial market capitalization of $3.5 billion. Hedera (HBAR) had achieved second place, scoring 468.03, with a market capitalization of $12.05 billion.

The top 10 list also highlights other major cryptocurrencies such as Chainlink (LINK), Optimism (OP), Cosmos (ATOM), Starknet (STRK), Ethstatus (SNT), and Polkadot (DOT). 

ADA Sees Slight Improvement In Price Performance

While Cardano achieves top three position in developmental activities, the cryptocurrency has also witnessed a slight improvement in its price performance. Over the past week, Cardano’s price has increased by a staggering 14.41%, while its 24 hour trading volume has risen by 49.66%.

CoinMarketCap’s data reveals that Cardano’s price has been trading at $0.33 as of writing. Although the cryptocurrency has witnessed significant declines over the past month, Cardano continues to show optimistic signs of future growth in its value. 

Crypto analyst, Javon Marks has also expressed bullish sentiments for Cardano’s future outlooks, predicting that the cryptocurrency could rise as high as $5 in this bullish cycle. 

Featured image created with Dall.E, chart from Tradingview.com