Cardano (ADA) continues to stand out as one of the top-performing cryptocurrencies in terms of development activities, surpassing Ethereum and aiming to regain the top spot. The Plutus Scripts of Cardano, including Version 1 and Version 2, have seen a remarkable increase of 171.45% since the beginning of the year.
Cardano’s ecosystem has witnessed tremendous growth on all fronts, with developer activities surpassing those of industry giants and aiming to dominate the field. In December 2023, Cardano surpassed Ethereum in terms of average daily developer activity on GitHub, and it has maintained its pace by ranking ahead in terms of Core Commits between March 11 and March 17.
According to Crypto News Flash, ADA recorded 978,780 Core Commits, more than double Ethereum’s 407,170 within the same time frame. Interestingly, Santiment data reviewed by Crypto News Flash reveals that Optimism (OP), Cardano (ADA), and Hedera (HBAR) are among the top five most active cryptocurrencies in terms of average daily activities over the past 30 days, along with Polkadot (DOT) and Kusama (KSM). Ethereum (ETH) is positioned 8th, with Chainlink and ETHStatus occupying the 6th and 7th positions, respectively.
Santiment explains that their platform pulls notable GitHub activity from project repositories, ensuring that only significant efforts to innovate and improve are included in the rankings.
Cardano has also recorded significant growth in network activities. Earlier this year, it topped the development activity ranking, leaving behind Polkadot (DOT) and Kusama (KSM) in the second and third positions, while Ethereum placed tenth. The Cardano ecosystem has also seen progress in areas such as daily active wallets, which have reached 600,000, and its Decentralized Finance (DeFi) ecosystem, which has peaked at nearly $600 million, indicating increasing user engagement and growing confidence.
The number of Plutus Scripts, including versions 1 and 2, has surged by 171.45% since the beginning of the year, resulting in the addition of 500 new smart contracts daily. This highlights Cardano’s commitment to improving blockchain functionality and user experience.
Surprisingly, these impressive achievements have not had a positive impact on the price of ADA, which has experienced a 6% decline in the last 24 hours. ADA’s current price of $0.47 sits just above a support zone, and its failure to sustain this level could be detrimental.
However, analyst Ali Martinez has observed that the asset previously experienced an explosive run of 75% when its MVRV Ratio dipped below 22%. This observation is supported by crypto analyst Dan Gambardello, who predicts that ADA will rally to a new all-time high once it takes off.
As we enter the Bitcoin halving and parabolic altcoin season, Cardano is considered an underdog, similar to the previous cycle. Despite this, some analysts believe that people are underestimating Cardano’s potential for a significant price surge.