Skip to content

Cardano (ADA) beats all crypto platforms in monthly development activity

Cardano (ADA) beats all crypto platforms in monthly development activity

The cryptocurrency sector continues to lick its wounds after the destruction caused by the collapse of FTX, once one of the largest crypto exchanges in the world, but the Cardano (ADA) development team is not lacking commitment to growing the platform.

As it happens, Cardano recorded the highest development activity during the month of November, according to the analysis carried out by the on-chain market intelligence platform Santiment, which was published on December 1.

Specifically, the development activity rates of the Cardano team in its public GitHub repositories in November were 18% higher than the next highest-ranked asset, Polkadot (DOT), recording 572.67 generated events compared to Polkadot’s 486.13 events over the past 30 days.

Blockchain development activity on GitHub during November. Source: Santiment

It is also important to note that Cardano is recording a steady increase in smart contracts as well, growing the total number of smart contracts based on the Plutus platform by over 300% in 2022, counting 3,944 scripts as of December 1.

In November, the Cardano builder Input Output Global (IOG) announced the launch of the world’s first blockchain decentralization index, followed by the establishment of a new resource section for Plutus DApp developers on the Cardano Docs website.

Cardano price analysis

Meanwhile, Cardano’s native token, ADA, is changing hands at the price of $0.3154, which demonstrates a decline of 0.1% on the day but still a 0.56% increase compared to the previous seven days, as the asset is trying to recover from its cumulative monthly loss of 19.78%.

Cardano 7-day price chart. Source: Finbold

At the same time, NeuralProphet’s PyTorch-based price prediction algorithm has forecast that ADA would trade at $0.42 by December 31, 2022, as Finbold reported on December 1. This represents an increase of 33.16% from the asset’s current price.

As things stand, Cardano will be able to maintain its position among the top 10 cryptocurrencies by market capitalization over 2022, despite recording the lowest market cap this year in November, as per CardanoDaily data from December 2.

Cardano market cap in 2022. Source: CardanoDaily

Specifically, Cardano’s market cap currently amounts to $10.86 billion, positioning it as the ninth-largest decentralized finance (DeFi) asset by this indicator, according to CoinMarketCap data retrieved on December 2.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Read Next:

Weekly Finance Digest

Related posts

AD