Cardano Kicks Off First Month Of 2023 By Hitting Top Spot On Github

Key Points:

• Cardano outperformed competitors like Polkadot, dominating development activity.
• The ADA bears surrender their short domination, allowing the bulls to prolong their surge.

It is noticed that Cardano was one of the blockchain networks with the most development activity in the first half of January. In the current, Cardano has surpassed all other cryptocurrencies in terms of development activities.

The information on the dominance of Cardano’s development activities was provided by ProofOfGitHub. The latter monitors GitHub’s daily development activities. The results showed that Cardano outperformed competitors like Polkadot.

While high levels of development activity are encouraging for investors, it is more necessary to assess what that development entails. Another recent Cardano host refers to a report that shows it presently has over 4,800 smart contracts. Furthermore, approximately 1,100 projects are being developed on the network.

Cardano’s development activity measure demonstrates that the network has maintained robust levels of development over the last year. This is despite the fact that ADA had a severe setback during the same period.

During the Christmas season, the network’s development activity was at its lowest, but it has since rebounded. Another intriguing Cardano finding is that the tide is turning in favour of daily on-chain transaction volume in profit over those in loss.

Transaction volume in loss predominated, particularly at the close of the year, whereas transaction volume in profit predominated for the most part in January 2023.

One important factor to note is that transactions are now low in comparison to their three-month highs. This demonstrates the ADA’s robust rise from the beginning of January.

Notably, ADA bears momentarily regained supremacy in the middle of the month, but this was short-lived, and the cryptocurrency has since reached a new 2-month high.

The sustained gain in ADA also implies a continuous rise in volatility. This was supported by a rise in weighted sentiment since mid-January, indicating that investors were enthusiastic on ADA’s prospects.

Cardano is off to a good start this year, based by its price movement and development activities. It will be fascinating to monitor how these factors affect network performance and ADA value in the coming months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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