Skip to content Skip to sidebar Skip to footer


The crypto market rally is losing steam, forcing major cryptocurrencies, such as Bitcoin, Ethereum, and Cardano, back into their support regions. The latter has rolled out products and developments that hint at a longer uptrend.

As of this writing, Cardano (ADA) is trading at $0.35 with a 5% loss in the last 24 hours. Over the past week, the price of ADA has again taken profits as the bulls resisted a spike in selling pressure.

Cardano ADA ADAUSDT
The price of ADA with minor gains on the daily chart. Source: ADAUSDT Tradingview

Cardano in the Olympus of development activity

Data from research firm Santiment noted that the Cardano ecosystem vibrates with development activity. Currently, this blockchain ranks number 3 in the metric, according to the number of commits on the GitHub software development platform.

As shown in the graph below, Cardano’s development activity over the past 30 days records over 330 GitHub commits for the various projects on this blockchain. Only Polkadot and its Kusama experimental environment saw more development activity, with 441 commits.

Cardano ADA ADAUSDT Chart 2
Cardano is in the top 3 by development activity. Source: Santiment

As the chart above shows, the price of Cardano (ADA) moved in parallel with its developments and the general market sentiment. As more and more developers integrate the blockchain, the ecosystem is more attractive for investors. ADA records a 38% rally in the past 30 days.

In the coming weeks, this blockchain will roll out a new update for its smart contract programming language, Plutus. This update will provide support for Elliptic Curve Digital Signature Algorithm (ECDSA) and Schnorr.

These new components will allow developers to provide more security and build cross-chain capabilities. Plutus was designed to work as an easy to use and accessible programming language. Thus, people might feel even more incentivized to rely on this blockchain.

It remains to be seen whether the price of ADA will extend its recent trend and follow its peak of development activity. According to Input Output Global, the main development company of Cardano:

This upgrade will bring greater interoperability and secure cross-chain #DApp development to #Cardano, making it easier for developers to work with other blockchains. Developers would otherwise need to spend more time, effort and funds to implement ECDSA and Schnorr on Elliptic Curves SECP in #Plutus, increasing potential security risks and using an unrealistic amount of resources.





Source link

Leave a comment