The crypto market rally is running out of steam, forcing major cryptocurrencies such as Bitcoin, Ethereum and Cardano back into their support regions. The latter has been rolling out products and developments that point to a longer uptrend.
As of this writing, Cardano (ADA) is trading at $0.35 with a loss of 5% in the last 24 hours. Over the past week, the ADA price still posted some gains as the bulls fought back against an increase in selling pressure.
ADA price with minor gains on the daily chart. Source: ADAUSDT Business View
Cardano in the Olympus of development activity
Data from the research firm Santiment indicates that the Cardano ecosystem is buzzing with development activity. This blockchain is currently ranked #3 in the metric, based on the number of commits on the GitHub software development platform.
As seen in the chart below, Cardano development activity over the last 30 days records more than 330 GitHub commits for the different projects on this blockchain. Only Polkadot and its experimental environment Kusama have seen more development activity, with 441 commits.
Cardano is in the top 3 for development activity. Source: Feeling
As the above chart shows, the Cardano (ADA) price has moved along with its developments and general market sentiment. As more developers join the blockchain, the ecosystem is more attractive to investors. ADA registers a rise of 38% in the last 30 days.
In the coming weeks, this blockchain will roll out a new update to its smart contract programming language, Plutus. This update will enable support for the 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 function as an accessible and easy-to-use programming language. Therefore, people may feel even more incentivized to build on top of this blockchain.
It remains to be seen if the ADA price will extend its recent trend and follow its spike in development activity. According to Input Output Global, the main developer of Cardano:
This update will bring greater interoperability and secure cross-chain #DApp development to #Cardano, making it easier for developers to work with other blockchains. Otherwise, developers would have to spend more time, effort, and funds to implement ECDSA and Schnorr over SECP elliptic curves in #Plutus, increasing potential security risks and using an unrealistic amount of resources.
This post Will Cardano’s aggressive development activity withstand the bears’ assault at $0.3?
was published first on https://newsbtc.com/news/cardano/cardanos-activity-withstand-bear-assault/