Market leader Bitcoin took the fall as it slid below $40K today. The market continues to bleed in red even now. ETH has lost gains and is trading down by 2.1%. All the other coins too follow the suit.
The smart contract platforms Solana (SOL), Cardano (ADA), and Polkadot (DOT), according to a leading crypto analytics firm, are exhibiting strength in one particular development indicator.
According to Santiment, the three Ethereum (ETH) competitors have the highest GitHub submission rates among large-cap crypto projects.
Development activity continues to play a critical role in the growth and viability of major cryptocurrencies, says the firm.
According to the stats, Solana is the most popular project, followed by Cardano and Polkadot. Ethereum and Chainlink (LINK), a decentralised oracle network, are placed fourth and fifth, respectively.
Other Factors and Metrics
Despite the recent price declines, the top Ethereum addresses have been accumulating ETH since October, according to Santiment.
Since October 1st, wallets with more over 100,000 ETH have added 1.54 million Ethereum to their holdings, a total worth of $4.8 billion. A total of $164.4 billion in ETH is presently held by that group of addresses.
The market value to realised value (MVRV) indicator, according to Santiment, implies that Bitcoin (BTC) still has “room to run” to the upside.
For traders, Bitcoin’s return to $44.2k is a pleasing sight. On Wednesday, the average 30-day return was back above 9%.
On these upswings, there is usually room to run until the 30-day MVRV reaches +15 percent or higher. Euphoria is more likely to develop at this time.