What’s In Store For Cardano This December – Will ADA Be Merry Before Christmas?

What’s In Store For Cardano This December – Will ADA Be Merry Before Christmas?

Category • Cryptocurrency news| |Published • 2022-12-04 11:10:04

Cardano (ADA) exited the month of November with its total market capitalization and its blockchain’s total value locked (TVL) taking a heavy hit from the FTX collapse that dragged down the entire crypto market.

According to data from CoinMarketCap, when last month ended, ADA’s overall valuation was at $10.7 billion, 23% lower than the $13.9 billion market cap it had towards the end of October. On a yearly basis, the crypto asset witnessed 69% decline in this category.

In terms of TVL, the Cardano network tallied a total of $58.8 million in November 30. The value was lower by 16% from what was registered by the blockchain 30 days prior. Currently, the network made a slight recovery as its TVL as of press time was $59.69 million.

Meanwhile, according to tracking from Coingecko, at the time of this writing, ADA was changing hands at $0.3219, relishing an increase of 2.4% over the last seven days.

If ADA can maintain this consistency, it won’t be a surprised that it will have a merry Yuletide season.

It currently ranks 9th among all cryptocurrencies courtesy of its overall valuation which stands at $11.27 billion.

Cardano Network Leads In Development Activity

Santiment recently shared via Twitter that the ADA network topped other crypto assets with regards to development activity numbers last month.

At the close of November, the blockchain scored 572.67 in this particular department, being 18% higher than the two projects (Polkadot and Kusama) that tied in second place with a score of 486.13.

The peak of Cardano’s network activity came on November 21 shortly after the announcement for the release of the blockchain’s algorithmic stablecoin, Djed, was announced. Notably, after the development was made public, ADA’s numbers went up by 22% until November 30.

Another factor powering the DeFi project’s activity numbers is the fact that as of December 1, the asset remains the top token with the highest staked ratio, registering a tally of 71.17%.

However, even at pole position, the network only offers 3.43% staking rewards, significantly lower than that of tokens like ATOM that has lower staked ratio. Cosmos’s staking rewards was at 19.25.

The Current Star Of The Moment

Despite the current struggles of its native crypto, ADA, in climbing to higher trading prices, Cardano is undeniably the top performer in the crypto performance metrics.

Given the way bad the crypto asset was hurt by the sudden implosion of FTX, only few industry analysts were able to see this development coming.

In fact, some of them believe that the project has positioned itself to be considered as the most developed among all crypto assets.

With over 570 projects on GitHub over the past month, ADA became the de facto most actively developed crypto token at the time of this writing.

ADA total market cap at $11 billion on the weekend chart | Featured image from TronWeekly, Chart: TradingView.com