Key Points:
- Cardano (ADA) takes the top spot in development activity, surpassing Ethereum.
- High development activity reflects confidence in Cardano’s longevity and potential new features.
- Bitcoin’s decreasing supply on exchanges signals long-term investment trends.
In a recent analysis, blockchain analytics company Santiment reveals that Cardano (ADA), a prominent Ethereum (ETH) competitor, has once again emerged as the leader in terms of development activity within the crypto space.
According to the data from this market intelligence platform, Cardano has logged an impressive 611.47 significant GitHub commits in the past month, surpassing all other cryptocurrency projects.
Notably, Cardano had been trailing behind Polkadot (DOT) and its associated test network, Kusama (KSM), in previous rankings. Currently, both Polkadot and Kusama boast 500.67 GitHub commits in the last 30 days, placing them in a shared second position.
Santiment points out that high levels of development activity often signify a strong developer community’s confidence in the blockchain’s long-term viability and suggest the likelihood of new features and improvements being introduced to the project’s ecosystem.
At the time of writing, ADA is trading at $0.251, marking a decline of slightly over 2% in the past 24 hours.
Additionally, Santiment is closely monitoring the supply of Bitcoin (BTC) held on cryptocurrency exchanges. Their data shows that the supply of BTC on exchanges has dropped to 5.68%, the lowest level seen in nearly six years.
This decrease in the availability of Bitcoin on crypto exchanges may potentially reduce the impact of future sell-off events, as it indicates that market participants are increasingly choosing to hold their BTC for the long term.
According to Santiment:
“Bitcoin recently experienced a significant outflow of coins (over 10,000 BTC) from exchanges, a movement not seen since September 7th. This development comes as the leading cryptocurrency makes a second attempt at reaching a market value of $28,000. The utility factor is crucial here, especially considering that the number of unique addresses has declined to its lowest point in six weeks.”
As of the current moment, Bitcoin is trading at $27,587, marking a 1.2% decrease in the past 24 hours.
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