The year 2023 has been a successful year for Cardano so far with key milestones achieved. First, Cardano has recorded one of the longest uptime records of any blockchain, with 2,131 straight days and nearly six years without an outage. This demonstrates the network’s robust underlying technology compared to competitors plagued by outages like Solana.
Additionally, Cardano has consistently ranked top 3 for development activity, furthering its evolution. According to on-chain data site Santiment, Cardano had the 3rd most developments in the past 30 days behind only Polkadot and Kusama, but ahead of rival Ethereum.
These results highlight Cardano’s stability through prolonged uptime and steady improvements through new features and upgrades. With resilience and consistent top-tier development, Cardano continues showcasing strengths setting it apart after a standout 2022 performance.
Typically, Cardano’s achievements would correlate with ADA price rallies. However, ADA has shed gains since June despite the network milestones.
This may stem from the overall crypto market reverting back to a bearish trend, with Bitcoin dragging down prices. If the market resumes an uptrend, ADA could be a top performer given the positive sentiment around its developments.
For now, ADA is holding up relatively well. Despite declines from June highs, ADA is still up 40% from recent lows. The asset maintaining a significant portion of gains indicates rising demand meeting supply and stabilizing the price.
In summary, ADA’s lackluster price action likely owes more to the broader bear market rather than Cardano’s fundamentals. Once crypto prices recover, ADA will be well-positioned for gains based on its technical merits and advancements. But its resilience during the downturn remains a positive indicator long-term.
