The rise of the altcoin market is primarily attributed to the shortcomings of the Bitcoin (BTC) chain in enabling scalable smart contracts for seamless mass adoption of web3 protocols. The various altcoin projects have focused on different use cases, including GamiFi, real-world assets (RWA) tokenization, and blockchain interoperability, among many others.
Nonetheless, some blockchain projects have a higher development frequency than others, thus giving them a higher adoption rate fueled by institutional investors.
Top Crypto Projects by Non-redundant GitHub Activities
According to data analysis provided by on-chain analytics firm Santiment, the top five blockchain projects with non-redundant GitHub activities include Chainlink (LINK), Cardano (ADA), Status (SNT), Optimism (OP), and Hedera (HBAR).
Notably, Chainlink development in the Ethereum network registered the highest activity as the team intends to streamline the Ethereum web3 ecosystem with reliable price feeds and secure interoperability.
The Cardano ecosystem is a fast-growing web3 ecosystem with more than $415 million in Total Value Locked (TVL) and around $20 million in stablecoins market cap. Currently, the Cardano network is working at layer two scaling solutions including the growth of the Hydra Head protocol.
Price Implications and Expectations
Cardano (ADA)
After emerging from the bear market later last year, Cardano (ADA) price has been forming a cup with handle base pattern, which most times yields a rejuvenated bull run.
The mid-cap altcoin, with a fully diluted valuation of about $28 billion, needs to close above 80 cents in the coming weeks in order to confirm a bullish continuation. Based on the weekly Fibonacci extension, ADA price is soaking for the next liquidity zone between $1.2 and $1.5 in the coming weeks.
Chainlink (LINK)
Despite the Chainlink vs Bitcoin pair trading around the bear market bottom, the mid-cap altcoin is undeniably aiming for an all-time high (ATH) against the US dollar.
Trading around $18.46 during the early Asian session on Friday, LINK price successfully rebounded on the lower border of a weekly megaphone, thus aiming to rally above $22 soon.
Read More: Cardano and Chainlink Prices Set To Surge Amid GitHub Activity