Cardano Ranks First in This Major Metric: ADA Bull Run Ahead?

TL;DR

• Cardano’s ADA surpassed Bitcoin (BTC) and Ethereum (ETH) in one key metric.
• Despite a recent 20% price drop, analysts predict a bullish future for ADA, including a potential “parabolic” spike to $10.

 

According to IntoTheBlock, Cardano’s ADA is currently the top cryptocurrency by development activity. It also enjoys the highest amount of weekly engagements.

Leading cryptocurrencies, such as Ethereum (ETH) and Bitcoin (BTC), were placed second and fifth, respectively. Avalanche (AVAX) is third, while the fourth place belongs to Litecoin (LTC).

Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits. pic.twitter.com/gtYUIyeqRy

— IntoTheBlock (@intotheblock) March 18, 2024

This is not the first time ADA has surpassed its rivals in that field. As CryptoPotato  reported  in January, the asset topped the same ranking (on a monthly scale), outperforming Polkadot (DOT) and Kusama Network (KSM), which rounded up the top three list.

Despite its aforementioned success, ADA’s price has been well in the red in the past several days, plunging by 20% on a two-week basis.

However, multiple analysts recently outlined bullish predictions for the asset, envisioning a new all-time high in the near future. 

One example is the X user Ali, who  compared  the token’s performance to that of its previous bull cycle. The analyst claimed this could lead to a “parabolic” spike to as high as $10.