Can the amount of commits (or code baselining till future development effort) for cryptocurrencies on a developer platform be used to predict bitcoin prices?
That is a question investors may ask themselves after seeing online ranking firm Cryptomiso’s list of contributions on Github, a major cryptocurrency development platform. (For more information, see How to Find Your Next Cryptocurrency Investment.)
Let’s get the most important questions out of the way.
Bitcoin, the cryptocurrency that began it all, was ranked eighth. Cardano has been the most active member of the top five most valued cryptocurrencies in terms of platform development. It was rated second as of this writing, having previously held the top slot.
The second and third most valued cryptocurrencies, Ethereum and Ripple, are rated 43 and 105, respectively. Finally, Bitcoin Cash is ranked 27th.
Does The Ranking Hold Value For Investors?
For two reasons, the amount of commits for bitcoin systems on Github may not be the best reliable statistic for investment. (See also: Which Cryptocurrencies Will Survive A Market Crash?)
To begin, different coins are in various phases of development. For example, given its precursor status and coding, bitcoin is the ecosystem’s granddaddy. As a result, the degree of maintenance and upgrades needed for its code may be lower than for Cardano’s ADA, which was introduced just four months ago.
Second, the number of commits does not indicate the degree and quality of changes that differ across cryptocurrencies. A modest modification, for example, may be eligible for a commit operation.
Apart from that, the commits indicate a team that is committed enough to their project to update its code on a frequent basis. And a solid team is a critical component of any investor’s toolkit for evaluating a startup.
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author holds a minor quantity of bitcoin as of the day this article was published.
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