Santiment named the top 10 fastest-growing altcoins

Santiment named the top 10 fastest-growing altcoins

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Author: Robert Strickland
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Santiment named the top 10 fastest-growing altcoins
Analysts explain why developer activity is important to consider when evaluating crypto projects and building an investment portfolio

Santiment has named the top 10 cryptocurrencies by developer activity over the past 30 days. To compile the ranking, the analytics company uses data on the number of changes (commits) made to the project code on the developer platform Github, while excluding scheduled updates. Publishing the rating in Twitter Santiment analysts said this information is very important to consider when compiling the investment portfolio.

Ranking of projects by activity on GitHub (1 to 10 places):

  • 1. Polkadot (DOT) - 441 commits

Polkadot - The main purpose of the project is to create a single financial space without borders in a multi-blockchain. The developers implemented the ability to create independent networks based on the system, called parachains.

According to CoinGecko, the DOT token is the 14th largest cryptocurrency in terms of market capitalization, with a value of $7.5 billion and a daily trading volume of more than $306 million. During the last 24 hours, the price of the token fell 5.6%, but during the month, the cryptocurrency Polkadot rose 40% from $4.48 to $6.27.

  • 2. Kusama (KSM) - 441 commits

Kusama is a "test" Polkadot blockchain network that runs in parallel with the main network. Kusama acts as a decentralized testing ground, where blockchain developers can create their own products and test the capabilities of the Polkadot protocol in a real environment. But at the same time, the Kusama network functions as a complete blockchain - it is a separate and independent ecosystem with its own tokens and projects.

The KSM token has a market cap of $304 million, with a trading volume of $25.4 million in the last 24 hours. In 24 hours, the coin has fallen in price by 6.4%, with a 33% increase in the month from $25.79 to $33.72.

  • 3. Cardano (ADA) - 337 commits

Cardano is a blockchain designed to develop smart contracts and create decentralized applications (dApps). The project was founded by two former Ethereum developers, Charles Hoskinson and Jeremy Wood. The internal currency used in the Cardano network is named ADA after Ada Lovelace, who is considered the first programmer in history.

The project's token ranks eighth among all cryptocurrencies by market capitalization ($12.6 billion), with a daily trading volume of $393 million in the last 24 hours. ADA has fallen in price by 5.6% per day and increased by 44% from $0.25 to $0.36 per month.

  • 4. Decentraland (MANA) - 309 commits

Decentraland is a virtual reality or meta world platform powered by the Ethereum blockchain. Users explore a virtual world and create digital content in it.

The MANA project coin has a market capitalization of $1.2 billion, with a trading volume of $220 million in the last 24 hours. The exchange rate of the token fell by 6.9% in 24 hours, rising 109% in a month (from $0.32 to $0.67)

  • 5. Status (SNT) - 308 commits

Status Network is a messaging platform that allows users to interact with various DApps on the Ethereum network. Status (SNT) is a control token on the Status Network.

SNT has a market capitalization of $103 million, the daily trading volume is $14.8 million. During the last 24 hours, the token fell in price by 3%, during the month it increased in value by 30% (from $0.02 to $0.026).

  • 6. Cosmos (ATOM) - 258 commits

Cosmos is a decentralized ecosystem of interconnected independent blockchains operating on the Tendermint Core protocol. Cosmos aims to create a "blockchain internet" - a blockchain network whose participants can interact in a decentralized way.

The ATOM ecosystem token has a capitalization of $3.7 billion with a daily trading volume of $179 million. The coin fell 3.2% in 24 hours and rose 30% in a month from $9.7 to $12.71

  • 7. Filecoin (FIL) - 252 commits

Filecoin is a blockchain platform for decentralized data storage with built-in economic incentives for users. You can become a Filecoin user by paying to store your files on the network. If you add your own storage hardware to the network, you can be rewarded in FIL tokens.

This coin has a capitalization of $1.8 billion, with a trading volume of $204 million in the last 24 hours. The token fell 6% in 24 hours but rose 71% in a month from $2.96 to $5.08.

  • 8. Internet Computer (ICP) - 220 commits

Internet Computer is a blockchain network created to extend the functionality of the Internet. The project is housed in a network of computers distributed around the world and provides an environment to support the operation of smart contracts at speeds comparable to those of the Internet. The network features are suitable for the creation of mass media services, decentralized finance applications, and other Web3 projects.

ICP is a functional token that enables the platform, it also plays the role of a management token. The asset has a market capitalization of $1.6 billion and a daily trading volume of $45 million. Over the past 24 hours, the token has fallen in price

 

  • 9. Ethereum (ETH) - 219 commits

The developers of the leading altcoin continue to work actively on the blockchain, which includes Vitalik Buterin's network in the Santiment rating. The cryptocurrency with a capitalization of $186 billion was $10.4 billion in trading volume during the last 24 hours. The coin has fallen in price by 4.6% during the day, the rate of ETH increased by 27% from $1.22 thousand to $1.55 thousand during the month.

  • 10. Concordium (CCD) - 205 commits

Concordium is a Level 1 blockchain that supports smart contracts, with high transaction speeds. The network provides protocol-level identification of participants, as well as cryptographic-based privacy.

CCD is a native Concordium token and is used to pay network fees. The market capitalization of the asset is $48 million, the daily trading volume is $667,000. In 24 hours, the token lost 2.4% in price, its rate dropped 12.5% in a month from $0.008 to $0.007.

Why it is important to take developer activity into account when valuing a project
Santiment has developed its own methodology for estimating developer activity in order to avoid taking into account activities on the platform that are not relevant to actual revisions. The method includes counting the number of changes to the code, the number of interactions with issues raised in code comments, the number of edits to help materials, and the number of comments and repositories.

Developer activity on GitHub is an important metric when analyzing ICOs and crypto projects, Santiment says. They argue that the developer's time - is a relatively expensive resource, and if the project involves many active participants, it is a factor that the founders believe in its success and the risk of fraud on their part is minimal.

Analysts additionally specify that if there is enough money it is possible to "imitate activity" of developers, but as a rule, swindlers do not spend money and effort on it. In addition, faking developer activity will be obvious to those who check GitHub, which will greatly compromise the project.

 

 


 

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