- Cardano development activity was significantly higher compared to Ethereum.
- The price of ADA fell 6% last week, but there was a possibility of a trend reversal.
Cardano [ADA] has outperformed the king of altcoins, Ethereum [ETH], by a huge margin in terms of development activity. In fact, data suggested that ADA’s development activity consistently remained three times higher than Ethereum’s.
Read from Cardano [ADA] Price prediction 2023-24
This statistic has been reflected in the blockchain’s efforts to release new updates in recent months, the latest of which was the Mithril mainnet upgrade.
When comparing @Cardano‘s dev activity to @Ethereumthe commitment of @IOHK_Charles @InputOutputHKthe team shines through. #Cardano‘s Github repository has 3x the development activity of #Ethereum. pic.twitter.com/mIiqKVrDa7
— Ali (@ali_charts) August 4, 2023
Cardano’s development activity remains high
It was interesting to see that Cardano’s development activity has increased significantly over the past month. The number of contributors to development activities also remained high.
A major reason for this upward trend can be attributed to the recent Mithril Mainnet launch, which aimed to reduce the time it takes for nodes to synchronize with the blockchain.
Source: Sentiment
After the mainnet update was pushed, Cardano’s multiple teams continued to work on other projects, which were highlighted in the latest edition of the blockchain weekly development report.
According to the report, Mithril mainnet has consistently produced new certificates and snapshots. The Mithril team also worked to upgrade the Cardano node to v.8.1.2, fixing the release preprod network that stopped producing certificates.
This week are #Cardano development update is live #EssentialCardano!
Read the report to learn about the latest news on core technology, portfolios and services, smart contracts, scaling, governance, #ProjectCatalystAnd #Cardano education. https://t.co/6DOQ2DXVMQ pic.twitter.com/P2MUJNmOMi
— Input Output (@InputOutputHK) August 4, 2023
In addition to the BASHO team, the core Plutus team worked to add decentralized board support, as defined in CIP-1694, to Plutus v3. The Lace team continued to implement Posthog analytics and dedicated efforts to add Trezor support and implement the multi-delegation feature.
The report also listed updated statistics from the Cardano blockchain. The blockchain’s total transactions reached 72.7 million, while its own tokens exceeded 8.6 million.
In addition, the number of projects continues to grow ADA reached 1,271, while the number of projects launched reached 136.
ADA investors are not pleased
While development activity remained high, the native token’s price action turned bearish. From CoinMarketCap, the price of ADA fell more than 6% in the past week. At the time of writing, it was trading at $0.2915 with a market cap of over $10 billion.
The price drop caused the MVRV ratio to plummet. In addition, negative sentiment around Cardano also remained relatively high. However, the whales continued to show interest ADA, as evidenced by the high number of whale transactions.
Source: Sentiment
Is your wallet green? look at the Cardano Profit Calculator
The good news was that the bearish price trend could end in the coming days. This possibility was pointed out by Coinglass. According to the chart, Cardano’s Open Interest declined.
A drop in the metric usually means that the current market trend could change, giving hope for a price increase.
Source: Coinglass