Chainlink scored the highest in attracting developers to build on its network in the past six months.- LINK might continue its free fall, regardless of its increased staking activity.Decentralized oracle network Chainlink [LINK] topped the list of applications in terms of Decentralized Applications (dApps) development over the last 180 days, data from Token Terminal disclosed.According to the information from the platform, LINK’s active developers based on dApp development were 61.4, beating the likes of Osmosis [OSMO] and Uniswap [UNI].
Read Chainlink’s [LINK] Price Prediction 2023-24 Chainlink undoubtedly deserved the feat, as evidenced by the numerous partnerships and integrations it had within the said period.
While this could be considered an impressive performance, mainly due to the bear market, it had failed to reflect on LINK’s price.According to CoinMarketCap, LINK’s 90-day performance had decreased by 28.08%.
Moreover, LINK was unable to alter the trend as the price slid by 4.32%.
How long before the bears leave power? Indications derived from the four-hour chart showed that LINK had lost control to the bears.As revealed by the Relative Strength Index (RSI), LINK was languishing in the oversold region.Since it was down at 20.99, it implied that speed and price movement change failed to pass the bottom swing test.However, increased buying momentum might prove enough to trigger a reversal.
Per its volatility, LINK demonstrated extreme signs of unpredictability.This was because the Bollinger Bands (BB) left the low volatile region on 27 December.
Moreso, the LINK price, at press time, trended towards the lower bands.This has been continuous since the date mentioned above, affirming the oversold condition revealed by the RSI.
With respect to the Moving Average Convergence Divergence (MACD), LINK approached potential entry points rather than a bullish move for gains.This was due to the selling (orange) and buying (blue) remaining below the histogram.This indicated a bearish momentum while avoiding clarity for buy triggers.In the interim, LlNK might continue decelerating.
Still, keep the supply running Based on its on-chain data, Chainlink kept its smart contracts’ influence in check.Glassnode’s data showed that LINK’s supply in smart contracts had recovered from the drop in June 2022.As of this writing, the supply was 57.04%.This meant that users preferred to engage LINK in staking activities instead of waiting for a suitable buying opportunity.
Besides, not much was happening with LINK per exchange activity.
At press time, Glassnode revealed that both exchange inflow and outflow were at low levels.- Polygon outgrew Solana in terms of market cap.- It witnessed growth in the NFT sector; however, prices continued to decline.
According to a 29 December tweet by economist Alex Kruger, recent developments boosted Solana [SOL], doubling its marketcap to twice that of Polygon [MATIC].One reason for the growing interest in Polygon could be its emerging NFT market.
$MATIC market cap> 2 * $SOL market cap pic.twitter.com/dydCTPNKDz — Alex Krüger (@krugermacro) December 29, 2022 Read Polygon’s [MATIC] Price Prediction 2023-2024 Stolen y00t Over the last week, major NFT collections, such as y00ts from the Solana network, migrated to other cryptocurrencies.Along with that, other events such as Donald Trump launching his NFT collection on Polygon and social media giants such as Reddit and Instagram collaborating with Polygon impacted the NFT market positively.According to data provided by Dune Analytics, the weekly volume for Polygon’s NFT marketplaces increased.Even though Polygon generated interest in its NFTs, the same interest wasn’t reflected in MATIC’s prices.The price of the token declined after 14 December.
The price stayed in the $0.81 and $0.77 range for a week and declined further by 8.19%.
MATIC was testing the $0.745 support at press time.Its RSI was in the oversold region, suggesting that there could be a possibility of a price reversal.However, the CMF at -0.17 indicated that the money flow was not in MATIC’s favor.Despite Polygon’s declining price, stakers on the network continued to show their faith in the cryptocurrency.What’s at stake for Polygon? According to data provided by Staking Rewards, the number of stakers on the network grew by 14.38%.The stakers continued to support the network despite their revenue declining.
At the time of writing, the number of stakers on the network was 23,168.The revenue they generated was $9.13 million.Although the number of stakers continued to increase on the Polygon network, the on-chain metrics showed that the overall activity on the network had declined.This was indicated by the declining transaction count on the Polygon network over the last month.Coupled with that, the volume on the Polygon network fell during the same period.A 45.08x hike on the cards if MATIC hits Bitcoin’s market cap? Interest from new addresses decreased as well, as evidenced by the sinking network growth observed on the Polygon network.
This suggested that the frequency with which new addresses were transferring MATIC took a hit.
That said, at the time of writing, MATIC was trading at $0.759.Its price fell by 3.14% in the last 24 hours.Altcoin performances ‘Ethereum Killers’ Managed To ‘Kill’ Themselves In 2022 Rather Than Beat The Smart Contract Economy’s Heavyweight Champ At the end of 2021, a myriad of people thought a handful of smart contract platform tokens, often referred to as ‘Ethereum killers,’ would flip the second-largest crypto asset in terms of market capitalization in 2022.As 2022 comes to an end, statistics show that none of the so-called ‘Ethereum killers’ have surpassed the leading smart contract platform token, and a number of these tokens have lost considerable amounts of value during the crypto winter.Ethereum Outperformed Its Competitors in terms of Market Cap, Decentralized Finance Action, and Non-Fungible Token Sales On Dec.23, 2021, the top smart contract platform coins held an overall valuation of around $823 billion and at that time, ethereum’s (ETH) market capitalization represented 59.42% of the aggregate.Today, on Dec.
30, 2022, the crypto economy’s top smart contract platform coins are valued at $239 billion, and ETH’s market cap is roughly $144 billion.Data indicates that ETH’s market cap equates to 60.25% of the aggregate value of all the top smart contract platform tokens listed today.Last year, when the smart contract platform coin economy was a lot more valuable, many people thought ETH could get ‘flipped’ by a bunch of ‘Ethereum killers.’ Roughly a year ago, the publication Forkast published an editorial called “The Top Five Ethereum Killers,” and it included tokens like BNB, solana (SOL), cardano (ADA), avalanche (AVAX), and polkadot (DOT).While some of these coins were top ten contenders in Dec.
2021, only BNB and ADA remain, and Polygon (MATIC) recently entered the top ten standings.On Dec.24, 2021, BNB was exchanging hands for $547.12 per unit, and it was the second largest smart contract platform coin at the time.Today, it still is the second-largest smart contract platform token, but the digital currency’s value has dropped 55.19% from the $547 price point recorded in Dec.
2021.Last year, solana (SOL) was the third largest smart contract platform token and over a year ago, it was trading for $189.43 per unit at the end of Dec.2021.Today, SOL holds the seventh-largest smart contract coin market cap and SOL holds the 19th-largest capitalization in the entire crypto economy.Metrics show the smart contract coin SOL has lost 94.81% of its U.S.dollar value since Dec.23, 2021.Cardano (ADA) was the fourth-largest smart contract asset and on Dec.
23, 2021, and ADA was trading for $1.48 per unit.ADA also was the seventh-largest market cap in the entire crypto economy.Today, on Dec.30, 2022, cardano is trading for $0.24 per coin, and it’s moved down to the ninth largest market valuation.On Dec.23, 2021, Terra’s LUNA was the fifth largest smart contract coin at the time, and LUNA (now called LUNC) was trading for $93.24 per coin.
LUNA was also the ninth-largest market cap in the entire crypto-economy during the last month of 2021.LUNA’s price has been completely obliterated, and it is now down to $0.000140 per unit on Dec.30, 2022.Polkadot (DOT) was the sixth largest smart contract token; today, it’s moved up to the fifth position.However, last year DOT was the tenth largest crypto market cap, but DOT is now in the 13th largest position.At the time, DOT was trading for $29.39 per unit on Dec.
23, 2021, but today, DOT is down 85.30% and trading for $4.32 per coin.
Avalanche (AVAX) was the seventh largest smart contract coin but today, AVAX now resides in the eighth position.On Dec.23, 2021, AVAX exchanged hands for $121.88 per coin and on Dec.30, 2022, it’s down to $10.83 per unit.Lastly, polygon was the seventh largest smart contract coin last year but today, its now in the fourth largest top smart contract token position.Furthermore, polygon (MATIC) was in the 14th largest position overall in Dec.
2021 and today it has managed to enter the tenth position.
MATIC was trading for $2.67 per coin last year and today, it’s down to $0.75 per unit, which is a loss of around 71.91%.While none of the so-called ‘Ethereum killers’ managed to knock ETH down a notch, ETH has lost a bit of dominance since Dec.23, 2021.At that time, ETH dominance was around 19.5% and today, the second-leading crypto asset’s dominance is down to 17.4%.
Tags in this story Altcoin performances, Altcoins, Avalanche (AVAX), bnb, cardano (ADA), crypto economy, decentralized finance, DeFi, Dominance, ETH dominance, Ethereum, ethereum killers, flipped, FTX associations, Market Cap, nft, NFTs, polkadot (DOT), Polygon (MATIC), sbf, Smart Contract Coin dominance, smart contract coins, smart contract platform coin, Solana (SOL), Terra, terra (LUNA), Terra collapse, UST depeg What do you think about the so-called ‘Ethereum killers’ and their market performances in 2022? Let us know your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
– Cardano ranked number one in terms of development activity.- However, its dApp activity declined, along with its TVL and revenue.Santiment, a leading crypto analytics firm, announced on 30 December that Cardano [ADA] outperformed other major cryptocurrencies in terms of development activity.🧑💻 Top 2022 #blockchain protocols by development activity: 1) #Cardano $ADA 2) #Polkadot $DOT 3) #Cosmos $ATOM 4) #Ethereum $ETH 5) #InternetComputer $ICP 6) #Elrond $EGLD 7) #Flow $FLOW 8) #Optimism $OP 9) #Aptos $APT 10) #Polygon $MATIC Read our take: https://t.co/fYiOz86GWK — Santiment (@santimentfeed) December 29, 2022 Read Cardano’s [ADA] Price Prediction 2023-24 Domination in development Cryptocurrencies such as Polkadot [DOT] and ATOM, known for their growing ecosystem and development activity could not compete with Cardano this time.It simply meant that the developers on the Cardano team made more significant contributions to the network’s GitHub.
Upgrades such as the Vasil Hardfork and developments made on the daedalus wallet could be one reason behind the increase in development activity metric.Well, despite the growing development activity on Cardano’s network, its ecosystem failed to register growth.
Cardano witnesses declining activity According to data provided by DappRadar, multiple dApps on the Cardano network were unable to invite users to their platforms.Popular dApps such as Miniswap and SundaeSwap observed a decline of 10.03% and 16.42% respectively, in terms of unique active wallets.In fact, Miniswap’s volume and the number of transactions also fell.Over the last month, the volume for Miniswap decreased by 27.06% and the number of transactions fell by 12.32%.The decline in dApp activity impacted Cardano’s TVL.Based on data gathered by DefiLlama, Cardano’s TVL declined significantly.In the last few months, the overall TVL generated by Cardano fell from $58 million to $50 million.
This ended up affecting the fees generated by Cardano, which fell by 24.4% over the last week.
According to Token Terminal, the overall fees collected by Cardano amounted to $189,300.These developments impacted Cardano’s token, ADA, negatively.Based on data gathered by Santiment, the number of daily active addresses on the network had declined.It decreased from 60,000 to 17,000 over the course of the last month.Even Cardano’s velocity declined during the same period.Thus, suggesting that the frequency with which ADA was being traded had declined.
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