Bittime - The price of Cardano's ADA token (ADA) is indeed declining, but the developers have not given up. Cardano is still one of the leading blockchains in terms of developer activity, although it is often criticized for being abandoned.
According to IntoTheBlock data, Cardano once again outperformed Ethereum and other Layer-1 blockchains such as Avalanche, Litecoin, and Tron in terms of the amount of activity on the GitHub developer platform. This means that many developers are still willing to build applications and improve the Cardano protocol.
The fall in ADA prices does not immediately affect developer enthusiasm.
During the period 11-17 March 2024, Cardano recorded 978,780 activities on GitHub, far exceeding its closest competitor, Ethereum, which only recorded 407,170 activities. Other blockchains such as Avalanche, Litecoin, and Tron recorded 315,770, 84,110, and 79,380 activities respectively.
Also read: Cardano (ADA) Price Prediction 2024-2030: Will ADA Reach $5?
This high developer activity shows the potential for decentralized application (dApp) launches and improvements to the Cardano protocol. In other words, the Cardano ecosystem has the potential to become stronger and have more diverse functions.
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Even though the developer is active, ADA prices have not been affected
The current price of ADA has remained below $1 (around IDR 15,000) since April 2022 and has just experienced a weekly decline of almost 18%.
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It's important to note that developer activity doesn't always have a direct impact on price. However, these metrics help us understand developers' commitment to building, maintaining, and securing the Cardano ecosystem.
Cardano is often the target of negative news (FUD). Recently rumors emerged that Cardano's Layer 2 project, Hydra, was abandoned by the development team. Charles Hoskinson, Cardano co-founder, denied the rumors and confirmed that Hydra development is still ongoing.
Also read: What is Slot (Cardano)?
In addition, according to DefiLlama, the total value of digital assets locked (TVL) in Cardano's decentralized finance (DeFi) had increased this year, reaching $520 million (around Rp. 7.8 billion) on March 14, 2024. This figure then fell to $385 million (around IDR 5.7 billion) as of March 20 2024.
Cardano (ADA) Current Performance
Even though Cardano shows high developer activity, the price of ADA is still stuck below $1. On March 25 2024, ADA's price will be around $0.65 (around IDR 10,206) with a market capitalization of $22.97 billion (around IDR 363.07 trillion).
ADA price has experienced a significant decline since peaking at $3.10 (around IDR 46,500) in September 2021. This decline was caused by several factors, including:
- Global macroeconomic conditions: Rising interest rates and global inflation have put pressure on the crypto market as a whole.
- Intense competition: Other blockchain platforms such as Ethereum and Solana have made significant progress in terms of development and adoption.
- Development delays: Some Cardano projects, such as Hydra and Mithril, have experienced delays in their development.
Despite this, there are still several positive factors that could drive ADA prices in the future, including:
- Increased developer activity: High developer activity shows that Cardano is still in demand among developers and the community.
- Launch of Vasil Hard Fork: Vasil Hard Fork, scheduled for June 2024, is expected to improve Cardano's scalability and functionality.
- Adoption by institutions: More and more institutions are starting to look at Cardano as an investment asset.
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Cardano's future is still full of potential, even though ADA's price is currently down. High developer activity and the launch of the Vasil Hard Fork could be a catalyst to drive ADA prices in the future.
However, investors should still be careful and do their own research before deciding to invest in ADA.
How to Buy Cardano (ADA) on Bittime
You can buy and sell Cardano (ADA) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Cardano (ADA) is available on Bittime with the ADA/IDR market pair. To be able to buy ADA IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Cardano (ADA) on Bittime.
Monitor the price chart movements of Cardano (ADA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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