- Strong development activity in Cardano blockchain outperforms its competitors by a larger margin.
- After a setback in recent weeks, the ADA’s price seems ready to break out in the new year.
Ethereum Cardano’s competitor spoke home in 2021 with the project at the top of the charts in terms of development activity. According to the latest report from chain data provider Santiment, the Cardano blockchain has taken the top spot for development activity over the past year.
Well, development activity may not have a direct impact on the ADA price in the short term. It shows, however, the commitment of the Cardano team to the ongoing development of the platform. In 2021, some major changes were made to the Cardano blockchain, the most important of which was the Alonzo update.
This gave the ability to implement smart contracts on the Cardano network. In addition, these smart contracts were quickly adopted. Looking ahead to 2022, the Cardano blockchain is likely to bring further updates to the platform.
In addition, Cardano led the active participant count package for the final year of 2021. According to a Github report, an average of 53 participants contributed to the platform.
As we can see from the graph above, Cardano is ahead by a strong margin over its immediate rival Kusama. Interestingly, Kusama and Polkadot managed to rank second and third above the second largest cryptocurrency in the world, Ethereum (ETH).
The above statistics reveal where the entire cryptocurrency ecosystem is going. In addition, projects like Cardano, with an active community of developers, are «going naturally.»
The founder of Cardano predicts that 2022 will be the best year
During his recent Livestream on January 1, 2022, Cardano founder Charles Hoskinson said 2022 is the best year for the entire crypto industry and especially for Cardano. While Hoskinson did not share any specific roadmap for Cardano, he was commenting on the wider market in general.
He said the cryptocurrency market in general has seen rapid growth and that «we are about to achieve the consequences, for better or worse, so quickly.»
In addition, the founder of Cardano talked about other projects. He expects Ripple’s case to be resolved in 2022. Based on the current situation, Hoskinson also noted that Ripple now appears to be the winning competitor.
By 2022, Hoskinson expects major regulatory involvement in the cryptocurrency space. Therefore, it also expects crackdown on DeFi and non-fungible signals (NFTs).
Is Cardano ADA ready to explode?
On the 12-hour technical chart, Cardano’s price action (ADA) is creating a symmetrical triangle pattern. This means that the ADA price may consolidate until a decisive breakout targeting its next move. If the ADA price breaks past the $ 1.50 levels based on the upper trend line, it may see another 30% explosive rally.
ADA Cardano was heavily involved during the bull run of the altcoin market of 2021. At one point, it also emerged as the third largest cryptocurrency and a direct challenge for Ethereum. The ADA price hit a high of $ 2.96. However, it corrected more than 50% of those levels. At press time, ADA was trading at $ 1.35 with a market capitalization of $ 45.2 billion as the sixth largest cryptocurrency on the market.