According to Santiment, one of the leading crypto analytics firms, Solana (SOL), Cardano (ADA) and Polkadot (DOT) appear ahead of Ethereum (ETH) in the main metric. Santiment, a top crypto analytics firm, says that smart contract platforms Solana (SOL), Cardano (ADA) and Polkadot (DOT) show strength on a specific development metric.
Santiment: Ethereum (ETH) overtakes three competitors
Santiment says its three Ethereum (ETH) competitors are leading large crypto projects in terms of GitHub submission rates. “Development activity continues to play a vital role in the growth and development capabilities of major cryptocurrencies,” the crypto analytics firm said in a statement. According to the metric evaluated by crypto analytics firm Santiment, Solana (SOL) is the top project, Cardano (ADA) is second, and Polkadot (DOT) is third. Ethereum (ETH) and decentralized oracle network Chainlink (LINK) rank fourth and fifth, respectively.
Santiment also notes that despite the price woes of the past few months, the top Ethereum (ETH) addresses have been accumulating ETH since October. Wallets holding more than 100,000 ETH have added 1.54 million Ethereum (ETH) to their holdings since October 1, with around $4.8 billion in savings. This address group currently holds $164.4 billion worth of ETH. Crypto analytics firm Santiment also says that its market cap to realized value ratio (MVRV) metric shows that Bitcoin (BTC) still has “room to work” on the upside. Santiment says on the subject:
Bitcoin (BTC)’s return above $44.2k is a welcome sight for traders. Average 30-day returns were again above +9% on Wednesday. In general, there may be room to run on these ups until you reach +15% or more of the 30-day MVRV. This is when enthusiasm tends to occur.
The MVRV metric, which analytical firm Santiment focuses on, is known as a metric that reveals the average profit / loss for cryptocurrencies in circulation.