The developer activity on the Ethereum blockchain network has soared to a 7-month high. The data shows a healthy trend for ETH, as price consolidates while developer activity rises.
Historically, the developer activity of a blockchain network has been a reliable indicator of the medium-term trend of the underlying cryptocurrency.
The high level of developer activity on Ethereum demonstrates an optimistic medium-term trend for ETH.
JP Vergne, a professor at the UCL School of Management, found in a 2017 study that developer activity is the best predictor of a cryptocurrency’s price. He said three years ago:
“We found that the best predictor of a cryptocurrency’s exchange rate is the amount of developer activity around it.”
According to the data from Santiment, Ethereum Github’s development rates reached a 7-month high. The researchers at Santiment wrote:
“Santiment is indicating that #Ethereum is reaching #Github development rates not seen since February (a 7-month high)! $ETH continues to make its case as the most highly innovative network in #crypto, including the many ERC-20’s under its umbrella.”