Cardano Data Shows ADA Outperforming In Developer Activity

The Cardano data shows that ADA is outperforming most of the coins as the price of ADA started 2020 on the upside and there was a renewed optimism for the months ahead. However, the wider macro sentiment destroyed this expectation as we are reading in the Cardano ADA news.

Cardano was sitting at the tenth position as the largest cryptocurrency by market cap but despite the recent unveiling of the scaling protocol Hydra, the many updates and developments, the price stagnated and led to a slide on the fifteenth spot. Looking at the price action of ADA, there’s a lot to be desired. The recent activity has mirrored the one of bitcoin and with the huge dip on Black Thursday and the tentative recovery, Cardano followed the same movement. However, there was a 9% fall on Good Friday after Black Thursday and the ADA price stagnated since.

ADA is trading for $0.033 according to the Cardano data, but five consecutive days of short candle structure suggested that the market buoyancy reached a halt. The Bitcoin price analysis also shows a similar pattern which indicates a market-wide issue but at the same time, Cardano hit an impasse from the challenging level of $0.037. With the increasing macro uncertainty and the increasing unemployment numbers, the short term price outlook seems unsettled. The Cardano developers IOHK still presses on with the project development at a speedy rate.

CryptoDiffer released new data recently showing an average daily development activity on Github over the past 30 days. This metric shows the number of open-source uploads on the platform which means that it is a valid indication of who is working on the roadmap goals. Cardano topped the list with 383 open-source commits to the development platform since March which indicates outperforming Ethereum who is in fourth place with 200 commits. Cardano’s scientific approach made that possible but ADA’s price still doesn’t reflect this. It is hard to deny that Cardano has a lot of potentials but there is a disconnect between the price and the project’s development.

A few months ago, the CEO of Cardano Charles Hoskinson announced a new partnership with the PwC company in order to use their expertise and to promote commercialization of the Cardano blockchain.