The crypto market rally is losing steam, forcing major cryptocurrencies, such as Bitcoin, Ethereum, and Cardano, back into their support areas. The latter is deploying products and developments that point to a longer bullish trend.
As of this writing, Cardano (ADA) trades at $0.35 with a loss of 5% in the last 24 hours. Over the past week, ADA prices still recorded some gains as bulls made a stand against increased selling pressure.
Cardano in the Olympus of development activity
Data from research firm Santiment indicates That the Cardano ecosystem is buzzing with development activity. Currently, it is ranked No. 3 in the blockchain metric, according to the number of commits on the software development platform GitHub.
As seen in the chart below, Cardano’s development activity over the past 30 days records more than 330 GitHub commits for various projects on the blockchain. Only Polkadot and its experimental environment Kusama saw more development activity with 441 commits.
As the chart above shows, the price of Cardano (ADA) is moving in line with its growth and general market sentiment. As more developers flock to the blockchain, the ecosystem is more attractive to investors. ADA has recorded a 38% rally over the past 30 days.
In the coming weeks, the blockchain will deploy a new upgrade to its smart contract programming language Plots. This update will enable support for Elliptic Curve Digital Signature Algorithm (ECDSA) and Schnorr.
These new components will allow developers to provide more security and build cross-chain capabilities. Plutus was designed to serve as an easy-to-use and accessible programming language. Thus, people may feel even more motivated to build this blockchain.
It remains to be seen whether the ADA price will extend its recent trend and follow its growing momentum in development activity. According to Input Output Global, Cardano’s lead developer company:
This upgrade will bring greater interoperability and secure cross-chain #DApp development to #Cardano, making it easier for developers to work with other blockchains. Developers would otherwise need to spend additional time, effort, and funds to implement ECDSA and Schnorr on SECP elliptic curves in #Plutus , increasing potential security risks and using unrealistic amounts of resources.
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