Internet Computer (ICP) has recently surpassed Cardano (ADA) to become the number one cryptocurrency in terms of Development Activity. This metric, as reported by on-chain analytics firm Santiment, measures the total amount of work delivered by developers on a project’s public GitHub repositories. While commits are often used to gauge this work, they can be misleading for forked projects where original commits are inherited by the new developers. To address this issue, Santiment tracks events instead, which are actions taken on the repository that are not inherited from previous projects.
In the past thirty days, Internet Computer has emerged as the top cryptocurrency based on Development Activity, with nearly 467 events recorded. This significant jump in output has propelled ICP above Cardano and Polkadot in the rankings. Ethereum has also improved its standing, moving from tenth to ninth place. High Development Activity indicates a strong commitment from developers towards a project, which can be a positive sign of its long-term viability.
While Development Activity does not directly correlate with price, ICP’s position at the top of the list is a promising indicator of its potential longevity in the market. Currently trading around $13.3, Internet Computer has seen a 5% increase in the past week. The price chart shows consolidation in recent days, suggesting stability in the market.
In conclusion, Internet Computer’s rise to the top spot in Development Activity highlights the dedication of its developers and strengthens its position in the cryptocurrency market. As investors evaluate the potential of different projects, metrics like Development Activity can provide valuable insights into the long-term prospects of a cryptocurrency.
