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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Cardano Sees Spike In Development Activity, Can The Price Of ADA Follow?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Cardano ADA ADAUSDT

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Cardano (ADA) has been experiencing a persistent downside trend since the start of 2023; the selling pressure has increased in the past week. However, network development continues to grow and could hint at a reversal for the cryptocurrency.

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Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

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Cardano (ADA) trades at $0.24 with sideways movement on its weekend price action as of this writing. In the previous seven days, the cryptocurrency recorded a 4%, with the potential for further losses if the price of Bitcoin continues on its current trajectory.

Cardano ADA ADAUSDT Chart 1
ADA’s price trends to the downside on the daily chart. Source: ADAUSDT on Tradingview

Cardano Price Bound For A Change In Trajectory?

Data shared by Cardano’s leading developer, Input Output Global (IOG), and seen on the chart below, shows that while ADA has been trending to the downside, network activity is on the rise, with 75.3 million transactions processed, 79,182 token policies, and over 1,250 projects currently building on the network.

Cardano ADA ADAUSDT Chart 2
Source: IOG

As seen above, 144 projects have been launched on Cardano with over 8.8 million tokens. This network has been one of the fastest growing in development activity in 2022 and 2023 upon implementing smart contract capabilities via the Hard Fork Combinator event dubbed “Alonzo.”

Currently, IOG is working to launch other core improvements to Cardano, including a fix for its consensus algorithm set to improve performance and scalability. In addition, the IOG team has continued to work on its smart contract platform, Plutus, and in the native crypto wallet, Lace.

Two of the most significant upcoming events for the blockchain are the introduction of Hydra to improve scalability and Mithril. IOG stated the following about the recent developments for these projects:

(…) the team made progress working on the aggregator performance bottleneck that occurs with high client traffic and started creating a new distribution.

The above, and the data provided by IOG, could have an impact on ADA. However, additional data provided by TokenTerminal paints a different picture.

The crypto analytics firm indicates that Cardano experienced a 6% decrease in its circulating market cap and a 35% loss in its annualized fees. Moreover, while the number of developers working on the network has increased by about 6%, the number of core commits is down 29% in 30 days.

Related Reading

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Cardano Analysis: How Much Energy Do ADA Bulls Have To Hit $0.3 Milestone?

2 years ago

As the chart below shows, the correlation between the number of commits to the project and the price of ADA has been decreasing. Yet, the token has seen some positive price action following an uptick in the former metric.

Cardano ADA ADAUSDT chart 3
Number of core commits on Cardano has been decreasing over the past year. Source: Token Terminal

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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