Home
News
- Is Crypto Winters responsible for the decreasing rate of Developer activities on Ethereum and Bitcoin?
Since the second quarter of 2021, Blockchain developers have slowed down their activities and contribution to top-functioning cryptocurrencies. It is one of the most prevalent outcomes of crypto winters, and a severe decline of 30% in developer activities has been seen over the past three months.
As per reports of the dev activity tracker platform, GokuStats developers made 12,200 commits. Which is one of the smallest units of work for developers to the Ethereum network during the end of August, almost flat in one month and down by over 30% in three months.
Likewise, as the leading and most powerful crypto community, Ethereum had 1,850 weekly developers for the week ending August 27. The previous amount mirrored a downtrend by 11% in a month and around 30% in the past three months.
Like Ethereum Giant cryptocurrency, Bitcoin registered 1,600 commits to the Bitcoin blockchain and its sub-ecosystem, nearly down by 35% in a month and 38% in the last three months.
Crypto winters troubled everyone involved in the crypto industry, whether the person is a trader, Blockchain developer, or an average user. Moreover, many of the firms got shut down during this crypto winter, and some filed for bankruptcy in the last few months.
Some popular firms like Tesla sold their bitcoin holdings during the severe downtrend of the crypto market. Likewise, Celsius Network, On Monday, August 15, 2022, affirmed the company is facing a cash crunch.
Bitcoin Ethereum also registered an upwards trend of around Six percent in the last 24 hours, and While writing this article, Ethereum is trading at $1,731.02. And at the same time, Bitcoin is trading at $21,497.56.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
