Cryptocurrency analytics resource Santiment revealed that developers have shown interest in the Polkadot network in recent months. This momentum even hangs Cardano, known as the developer slot.
Polkadot and Kusama lead Cardano in developer activity
The analytics firm says Polkadot (DOT) and Kusama (KSM) have led the crypto market in terms of network activity over the past month. According to GitHub data, both Polkadot and the canary network Kusama were the most active projects on GitHub. GitHub is a platform where software developers develop open source projects. GitHub studies for altcoin projects are a direct indicator of which projects developers are interested in. According to Santiment analysts on Twitter:
Polkadot and Kusama are worth checking out if you base your portfolio on projects that have received solid development activity on GitHub. In the last 30 days, projects have 14.3% more non-spam submissions than Cardano.
cryptocoin.comAs you follow, DOT and KSM are currently trading at $6.36 and $42.69 respectively. They were slightly down compared to the last 24 hours.
Keyword based social media report
Following GitHub data, Santiment tracks how often “buy bottom” is said on social media regarding the overall crypto market to help predict when the market bottoms out. The analytics company explains the data it obtained as follows:
Ideally, these words usually occur at the start of a downtrend and gradually the market bottoms out. It can also be explained by the disbelief of the crowd. Less confidence, less patience. At the point of maximum disbelief, a reversal can happen.
Santiment observes that “buy the bottom” calls on social media are declining, but they’re still present. The analytics firm says the market is “not there yet.”
Santiment says whales are after an Ethereum-based altcoin project
Chainlink, an Ethereum (ETH)-based altcoin, is seeing an increase in whale activity, according to Santiment. Analysts point out that Chainlink has had its busiest day for whale transactions since mid-June.
Increases in whale activity are “often key to rallies,” according to the analytics company. LINK is currently trading at $7.80. It was down more than 3% compared to the last 24 hours. But it has risen more than 16% in the last seven days and has outstripped most of the crypto market during that time.
Santiment presents a positive picture for the overall market
“Things were going well for the cryptocurrency market last week before the S&P 500 dived further and lowered the price of Bitcoin, Ethereum and cryptocurrencies. Still, there are signs that the tight relationship between sectors is breaking”. According to Santiment’s thesis, Bitcoin drastically broke its correlation with the S&P 500 during its recent rally to $20,000.
Santiment also notes that Bitcoin (BTC) trading volume is “warming up”:
During the big drop on Tuesday, BTC peaked at its highest trading level since June 14. Since bottoming out at the end of January, volume has gradually increased all year.
BTC is currently trading in the $19,200 region. The market cap leader has gained almost 3% in the last day.
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