- Cardano closed last month with the highest development action.
- The alt welcomed December with a massive stake ratio among layer1 tokens.
The leading layer1 network Cardano ended November with a 572.67 development activity count. That put the project +18% ahead of the second-highest asset, according to Santiment’s data. Polkadot and Kusama followed as they closed the previous month with 486.13 development activity.
Cardano notably saw an upswing in development activity after its November 21 updates about launching Djed, the blockchain’s algorithmic stablecoin, in 2023. Consequently, the development activity count metric gained 22% between November 21 and 30. That confirmed the dedication by GitHub developers to meet the stablecoin’s launch date.
Moreover, Cardano’s development activity uptick, as of December 1, saw the alt being the token with the most stake ratio among other layer1 native coins. Staking Rewards indicated that AD boasted a 71.17% staked ratio.
Nevertheless, staking rewards at 3.43% by December 1 remained low, despite the highest staked ratio. Meanwhile, tokens such as Cosmos had bonuses of up to 19.25%, regardless of their low staked ratio.
Not All Lucrative for ADA
While Cardano experienced rallies on staked tokens and development activity, the alt’s market cap plunged. ADA ended November with a $10.7 billion market cap (Coinmarketcap data). That indicated a 23% decline from the October end market cap of $13.9 billion.
The reason behind the market cap dip wasn’t far-fetched. That came amid the sudden fall of the crypto exchange FTX, which saw the market losing colossal liquidity within a few days. Cardano’s market cap slumped by 69% on YTD. ADA, like most digital coins, struggled to maintain upside price action amid the FTX crisis.
Furthermore, Coinmarketcap data shows ADA price declined by about 24% during the November session. Also, ADA noted declines in TVL over the 30-day timeframe. DeFiLlama data indicated that ADA’s total value locked dipped by 16% to $58.8 million as of November 30. The blockchain’s TVL hovered at $59.69 million at this writing.
ADA 24Hr Analysis
Cardano’s one-day outlook reveals bullish moves, with the alt climbing to $0.324. That represents a notable accomplishment as the alt recovered from its $0.30 low. The alt can climb further as the bullish pressure strengthens each day. Also, the MA indicator is moving upward – a positive signal – settling at $0.3146 today.
The Moving Average Convergence Divergence shows ADA headed in an optimistic direction while soaring in value. Moreover, the Relative Strength Index confirms bullish prices of the alt, currently reading 39.21.
Enthusiasts can expect more price uptrends for ADA as the past four hours saw the alt climbing to $0.324. The token shows improved performance from last week. Bulls appear dedicated to recoveries, and ADA/USD might extend its upside in the upcoming hours.
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