Cardano (ADA) Named as Top Crypto Project Ahead of Vasil Hardfork
The volatility of ADA has been on the rise over the last few months. Investors on the cryptocurrency seem to be looking for indicators leading up to the upcoming Vasil upgrade.
In September 2021, expectations were high for ADA when it hit a high of $3.1 ahead of the Alonzo Hard-Fork.
At the beginning of 2022, however, ADA started the year at $1.36, dropping to $0.75 in February and then to the $0.45 -$0.40 zone in mid-2022.
ADA Price Analysis
At the time of writing, there are about 33.74 billion ADA in circulation, out of a total supply of 34.2 billion. ADA has a market cap of about $15.4 billion and is the eighth largest cryptocurrency in the world.
Recently, ADA hit a high of about $0.60, retested the $0.42 zone, and is currently at $0.47 per token.
It is currently showing signs of being in a wedge on the hourly chart and may break out to the upside soon if market conditions improve.
Top Crypto Project by "Technology Development"
According to the team at Contora, Cardano has become the top cryptocurrency project by "technology development."
Contora is a platform that pulls social and technological data together, making alternative data about Blockchains available for use.
This week, the Contora team updated their data tracking algorithm and their tracking of popular blockchains' GitHub repositories.
After these adjustments, they concluded that the Cardano foundation's blockchain is in the lead, with 357 active GitHub contributors out of 3,221.
In a blog post, the Contora team stated that it "double-checked" GitHub repositories, including Cardano's, tracked several other cryptocurrency projects on its databases, and conducted "fixes" to update their developer's data and streamline all the repositories before reaching that conclusion.
Interestingly, not only Contora has done to this conclusion. Cardano has been noted as one of the most developer-focused blockchains in the crypto space, especially ahead of its upcoming Vasil hard fork, according to CryptoCompare's report.
According to this report, the hard fork will happen around September 22nd. In the days leading up to this event, the number of stars on Cardano's GitHub profile has risen by 1.6% in august alone.
The number of commits to the Cardano source code has risen by 1.4% to 6367.
It is worth mentioning that ADA is expected to rise about 35% in September because of the Vasil hard fork.
According to popular opinion gathered by Coinmarketcap, ADA is expected to trade at $0.62 within the same period.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)