TL;DR
- Cardano’s coin tops BTC and ETH in certain fields but faces a price decline.
- Market trends are bearish, yet experts stay optimistic about ADA’s future.
According to market intelligence platform Santiment, Cardano’s ADA was the top cryptocurrency by development activity in the last 30 days.
Polkadot (DOT) and Kusama (KSM) ranked second and third, respectively, while Ethereum (ETH) was placed tenth. Interestingly, Bitcoin (BTC) did not find a spot on the list.
As CryptoPotato reported, ADA surpassed the leading cryptocurrencies in that metric in November, too. Back then, ETH was ninth, whereas BTC was once again out of the ranking.
Cardano has also witnessed some progress in the non-fungible token niche, with NFT sales volume soaring above $165,000 for the last 24 hours (an almost 40% increase on a daily scale). Ethereum has comprised over $14 million for the past day, representing a 9% jump.
Contrary to those achievements, ADA’s price has been on a severe downfall lately, dropping by nearly 15% on a weekly basis (per CoinGecko’s data).
Its collapse coincides with the overall bearish condition of the market, with BTC down 9% in a week, ETH plunging by 12%, and SOL crashing by more than 16%.
Despite the negative trends, numerous experts remain optimistic that 2024 would be highly beneficial for ADA, and some envision new all-time high levels. Those willing to learn more could take a look at our video below:
Read More: Cardano (ADA) Outperforms Bitcoin and Ethereum in This Key Metric: Details