Cardano Sees Developer Boom: How Will ADA Price Be Impacted?

Published by

Qadir AK

April 1, 2024

Cardano’s ADA has showcased a commendable performance in the first quarter of 2024! The upward trajectory has recorded a striking surge to $0.80 in March from $0.59 in the year beginning. This kind of positive price mark was last seen in May 2022.

Standing tall among its crypto peers, Cardano has not only maintained its momentum but has also emerged as a leader in weekly GitHub engagements. Surpassing giants like Ethereum and other L1 networks in developer activity, ADA’s recent surge is expected to significantly impact its price.

Developer Activity in Focus

Despite market fluctuations, Cardano’s steadfast commitment to innovation and network expansion has strengthened investor confidence in its long-term viability. This resilience was further highlighted in a recent update, showcasing Cardano’s dedication to progress.

In a display of dominance, Cardano recorded a staggering 978,780 commits in the second week of March, overshadowing Ethereum’s 407,170 commits. Leading the charge among Ethereum, Avalanche, Algorand, and Tron, Cardano’s developers have made a remarkable 23,248 GitHub commits since 2023. In the last week alone, 55 million developers contributed 248 commits across 55 million repositories on GitHub for Cardano.

Insights from marketing intelligence firm IntoTheBlock confirm Cardano’s status as the most actively developing crypto blockchain, outpacing even the largest smart contract network, Ethereum.

The accompanying chart underscores Cardano’s superiority, with cumulative developer contributions surpassing the 450k commits threshold, while Ethereum’s fell below 442k commits.

Also Check Out: Cardano Bulls Are Gearing Up: Will They Push the ADA Price Beyond $1?

A Promising Future Ahead

Market experts are optimistic about Cardano’s outlook in 2024, with price predictions indicating a bullish trend. Recent projections suggest ADA will break the $1 mark and reach $1.06 by year-end, despite its current trading value of $0.63. With the recent surge in network activity, the outlook for ADA remains decidedly upbeat.

With a robust developer community and active engagement in platform enhancement, Cardano is poised to become one of the top altcoins to watch in 2024. Market sentiments continue to favor Cardano’s prospects, supported by its strong developer community and soaring metrics.

As Cardano forges ahead with confidence, all signs point to a bright and bullish 2024 for ADA.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.