Cardano Surpasses Ethereum in Developer Engagement: Implications for ADA?

• Cardano (ADA) maintains its position as the leading blockchain protocol in terms of development activity, with a notable surge in GitHub commits compared to Ethereum.
• Analyst Ali Martinez predicts an ADA consolidation phase followed by a breakout, potentially driving ADA’s price to $5 by the end of 2024.

Cardano (ADA), a proof-of-stake (PoS) layer-1 (L1) blockchain protocol, has maintained its leading position in terms of development activity, surpassing Ethereum (ETH) and other top layer-1 blockchain networks. According to data from crypto analytics platform IntoTheBlock (ITB), Cardano’s GitHub Commits totaled 978,780 between March 11 and 17, significantly higher than Ethereum’s 407,170 during the same period.

Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits. pic.twitter.com/gtYUIyeqRy

— IntoTheBlock (@intotheblock) March 18, 2024

Other prominent L1 protocols like Avalanche (AVAX), Litecoin (LTC), and Tron (TRX) also received notable developer commits but trailed behind Cardano, with commit counts ranging from 315,770 to 79,380. Market experts suggest that developer activity reflects the protocol’s potential, indicating the likelihood of new decentralized applications (dApps) being launched and updates to existing ones, thereby strengthening the resilience of the protocols.

Cardano continues to make new developments to help grow its ecosystem much faster. As reported by Crypto News Flash, Cardano recently introduced its inaugural fiat-backed stablecoin, USDM, created by Mehen Finance. While USDM shares similarities with other fiat-backed stablecoin initiatives, it incorporates a crucial mechanism to prevent over-issuance.

Charli3, a decentralized oracle tailored for the Cardano network, monitors the USDM reserve with Charli3 oracle data seamlessly integrated into the token’s smart contract. This integration facilitates transparent, real-time transfers, as highlighted by Plomin.

Additionally, Cardano founder Charles Hoskinson hinted to an upcoming integration with Firefly, reported Crypto News Flash. FireFly, created by Hyperledger Labs, provides a multi-party framework for enterprise data streams. It also streamlines the creation of decentralized blockchain applications and bridges the divide between fundamental blockchain functions and sophisticated business processes.

Cardano Price Gearing for Rally to $5

Cardano’s price has experienced a 9% decline over the past 24 hours amid a broader market downturn. The ADA price struggled to surpass the $0.8 mark earlier this month and renewed concerns within the project’s community.

Despite these setbacks, analyst Ali Martinez highlights a historical trend from 2018 to 2021, indicating that Cardano’s current price trajectory mirrors a consolidation phase before a significant breakout observed during the previous market cycle. During that period, ADA traded between $0.025 and $0.1 before surging to an all-time high of $3.10 in late 2020.

Martinez predicts that Cardano will likely continue consolidating between $0.55 and $0.8 in the near term, followed by a substantial breakout pushing its value to around $1.7. After reaching this milestone, another consolidation phase is likely before a more bullish breakout, potentially driving ADA’s price to $5 by the end of 2024.

So far, #Cardano resembles the pattern observed from 2018 to 2021.

Should this fractal continue, anticipate $ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting… pic.twitter.com/46LIp2hkMx

— Ali (@ali_charts) March 16, 2024

Furthermore, CoinGlass data reveals a remarkable 83% surge in derivatives trading volume for Cardano (ADA), soaring to $1.61 billion. This clearly reflects the heightened interest in the token among cryptocurrency traders.

However, amidst this increased trading activity, ADA holders faced challenges as over $4.79 million worth of open positions in ADA were liquidated within the past 24 hours. Surprisingly, the majority of these liquidations, totaling $4.55 million, were long positions, suggesting a surge in buying activity, while short positions accounted for only $244,490.

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