Cardano Surges to Third Place in Key Market Indicator, Outpacing Ethereum
Cardano (ADA) has recently surged into the top 3 cryptocurrencies with the highest developmental activities, surpassing Ethereum (ETH), the leading altcoin and the second-largest cryptocurrency by market capitalization.
According to a post on X (formerly Twitter) by Santiment, a decentralized crypto data platform, Cardano has made significant strides in development activities, propelling it to the third position among the top 10 cryptocurrencies. The rankings are based on a thorough analysis of GitHub activity across project repositories.
Cardano’s rise in the developmental activity ranking is attributed to its score of 452.85 and a market capitalization of $12.05 billion, outperforming Ethereum. The cryptocurrency has been actively working on various developmental projects, including the upcoming Chang hard fork aimed at enhancing the Cardano blockchain and its governance structure.
Notably, a Cardano enthusiast, Dave, shared on X that around 66.47% of blocks have been created on a Chang-ready node version, signaling the imminent launch of the hard fork. The Chang upgrade is anticipated to bolster the security and stability of the Cardano blockchain, making it more resilient to potential attacks or vulnerabilities.
Cardano’s advancement above Ethereum in developmental activities signifies its strength amid broader market downturns. Ethereum, on the other hand, has slipped significantly in the rankings, currently holding the ninth spot among the top 10 cryptocurrencies.
In the latest rankings, Internet Computer (ICP) leads with a score of 570.1, driven by its presence in the Artificial Intelligence (AI) sector and a market capitalization of $3.5 billion. Hedera (HBAR) secured the second position with a score of 468.03 and a market capitalization of $12.05 billion.
The top 10 list also includes other major cryptocurrencies such as Chainlink (LINK), Optimism (OP), Cosmos (ATOM), Starknet (STRK), Ethstatus (SNT), and Polkadot (DOT).
In terms of price performance, Cardano has seen a slight improvement with a 14.41% increase in price over the past week, accompanied by a 49.66% rise in its 24-hour trading volume. Current data from CoinMarketCap shows Cardano trading at $0.33, despite experiencing significant declines in the past month.
Crypto analyst Javon Marks has expressed optimism about Cardano’s future, predicting a potential rise to $5 during this bullish cycle. The cryptocurrency continues to exhibit promising signs of growth, emphasizing its potential for further value appreciation.
