A top crypto analytics firm says the smart contract platforms Solana (SOL), Cardano (ADA) and Polkadot (DOT) are showing strength in one particular development metric.
Santiment says the three Ethereum (ETH) competitors lead large-cap crypto projects in terms of GitHub submission rates.
“Development activity continues to play a vital role in the growth of major cryptocurrencies and their abilities to thrive.”
Solana is the top project, Cardano ranks second and Polkadot is third. Ethereum and the decentralized oracle network Chainlink (LINK) are ranked fourth and fifth, respectively.
Santiment also notes that the top Ethereum addresses have been accumulating ETH since October, despite the prices woes of the past couple of months.
Wallets with more than 100,000 ETH have added 1.54 million Ethereum to their holdings since Oct. 1st, an accumulation worth about $4.8 billion. That group of addresses now holds $164.4 billion worth of ETH.
Santiment also says the market value to realized value (MVRV) metric indicates Bitcoin (BTC) still has “room to run” to the upside.
“Bitcoin’s return back above $44.2k is a welcome sight for traders. Average 30-day returns are back above +9% Wednesday.
Generally, there can be room to run on these upswings until 30-day MVRV reaches +15% or above. This is when euphoria tends to occur.”
The MVRV metric reveals the average profit/loss for coins in circulation.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Zaaruk Khan