Cardano (ADA) continues to dominate the blockchain protocol landscape in terms of development activity, surpassing Ethereum and other top networks. Its GitHub commits between March 11 and 17 totaled 978,780, significantly higher than Ethereum’s 407,170. This level of developer activity reflects Cardano’s potential for new decentralized applications and updates to existing ones, strengthening the resilience of the protocol.
Cardano has been actively expanding its ecosystem, recently introducing its inaugural fiat-backed stablecoin, USDM, created by Mehen Finance. This stablecoin incorporates a mechanism to prevent over-issuance and is monitored by the decentralized oracle Charli3, seamlessly integrated into the token’s smart contract. Additionally, Cardano founder Charles Hoskinson hinted at an upcoming integration with Firefly, a multi-party framework for enterprise data streams.
Despite a recent 9% decline in price and concerns within the project’s community, analyst Ali Martinez suggests that Cardano’s current price trajectory mirrors a consolidation phase observed in previous market cycles. Martinez predicts that Cardano will likely consolidate between $0.55 and $0.8 in the near term, followed by a breakout pushing its value to around $1.7. Another consolidation phase is expected before a more bullish breakout, potentially driving ADA’s price to $5 by the end of 2024.
CoinGlass data reveals a significant surge in derivatives trading volume for Cardano, reaching $1.61 billion. This increase in trading activity has led to liquidations of over $4.79 million worth of ADA positions in the past 24 hours. Most of these liquidations were long positions, indicating a surge in buying activity.
In summary, Cardano maintains its position as the leading blockchain protocol in terms of development activity, with the potential for further growth and new applications. Analysts predict a consolidation phase followed by a breakout, potentially driving ADA’s price to $5 by the end of 2024. The increased trading activity reflects the growing interest in Cardano among cryptocurrency traders.