Cardano, Polkadot and Additional Ethereum Rival Are Leading Crypto Markets in Key Metric: Santiment

Crypto analytics firm Santiment says Polkadot (DOT), Kusama (KSM) and Cardano (ADA) are leading the markets in one key metric.

Santiment says that the top three blockchain projects with the most development activity are DOT, KSM and ADA.

The ranking is based on submissions to the software development hosting platform GitHub over the past thirty days.

“Top 10 crypto asset development activity: notable Github commits, past 30 days:

1) Polkadot DOT

2) Kusama KSM

3) Cardano ADA…

Per Santiment, the amount of development activity happening in blockchain ecosystems can signal that people believe in its future.

“GitHub activity is an interesting metric when analyzing ICOs [initial coin offerings] and crypto projects. Developers’ time is a relatively expensive resource and if a given project has a lot of developers dedicating their time and skills it could mean several things:

These people believe that the project will be successful.

The project is shipping more features.

There is less probability the project is just an exit scam.”

Santiment also looks at the connection between US Dollar Coin (USDC) and the price movement of Bitcoin (BTC). The analytics firm says USDC holdings decline as BTC prices increase, indicating money shifts from USDC to BTC.

“It appears that USDCoin has played a key role in crypto’s fluctuations, particularly since the FTX bankruptcy in early November. The amount of addresses holding 100,000-100,000,000 USDC by 2,001 (-7.8%) in just the past two months as money shifted back to BTC.”

Source: Sentiment/Twitter

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