Santiment, a blockchain analytics company, reports that Cardano (ADA) has overtaken Ethereum (ETH) in terms of development activity, recently securing the top position. The data reveals Cardano had 611.47 significant updates on GitHub in the last month, which is more than any other cryptocurrency project.
Previously, Cardano trailed behind Polkadot (DOT) and its trial network, Kusama (KSM). At present, both Polkadot and KSM have recorded 500.67 GitHub updates, putting them jointly in the second position.
Santiment believes that when a blockchain shows a lot of development activity, it suggests developers trust its future potential and are likely preparing to introduce new features.
At the moment, ADA’s value stands at $0.251, dropping by over 2% in a day.
Furthermore, Santiment is monitoring the amount of Bitcoin (BTC) available on crypto exchanges. Their findings show that only 5.68% of BTC is on exchanges, which is the smallest percentage seen in nearly six years.
A decrease in Bitcoin availability on exchanges might reduce the effect of potential large sales in the future. This trend hints that many in the market are holding onto their Bitcoin for the foreseeable future.
Santiment adds, “Recently, the most substantial amount of Bitcoin, exceeding 10,000 BTC, left exchanges since September 7th. With the leading crypto’s market cap aiming for a $28,000 valuation for the second time, it’s essential to note that unique address interactions have decreased to a level not seen in six weeks.”