Blockchain analytics firm Santiment says that Ethereum (ETH) rival Cardano (ADA) just reclaimed the top spot in a ranking of development activity.
According to the market intelligence platform, Cardano recorded 611.47 notable GitHub commits in the past 30 days, leading all other crypto projects.
Cardano was previously behind Polkadot (DOT) and its canary test network Kusama (KSM). Polkadot and KSM currently have 500.67 GitHub commits in the past 30 days, tied for second place in the rankings.
The firm says that high levels of development activity can indicate developers have confidence in the blockchain’s longevity and that new features may be coming soon to the project’s ecosystem.
ADA is trading for $0.251 at time of writing, down over 2% in the last 24 hours.
The firm also is keeping a close watch on the supply of Bitcoin (BTC) sitting on crypto exchanges. According to Santiment, the supply of BTC on exchanges is hovering at 5.68%, the lowest level in almost six years.
Low levels of Bitcoin supply on crypto exchanges could minimize the impact of future sell-off events as it suggests that market participants are keeping their BTC locked up for the long haul.
Says Santiment,
“Bitcoin had its most coins (over 10,000 BTC) moving off exchanges since September 7th, and crypto’s top market cap asset is making a second run at crossing a $28,000 market value. Utility will be important here, as unique addresses have fallen to six-week lows.”
Bitcoin is trading for $27,587 at time of writing, down 1.2% in the last 24 hours.
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