Will Increased Developer Activity Fuel Bitcoin’s Upcoming Rallies?
The first open-source cryptocurrency, Bitcoin [BTC] came to be 14 years ago. In over a decade of its existence, the king coin has seen several ups and downs. But its developer activity has witnessed parabolic growth since the time of its launch. A recent report released by Electric Capital highlights developer activity in the cryptocurrency ecosystem. Starting with monthly active developer s, Bitcoin saw a 3x rise from 372 in 2018 to 946 in 2022. However, these developer s were also affected by the bear market and decided to take a back seat. As seen in the below chart, monthly active developer s dropped from 944 in December 2021 to 920 in December 2022. This 24 percent plummet could be linked to FTX’s crash as well as the market conditions that pushed BTC down to mid $15K. Source Nevertheless, since 2017, Bitcoin has accommodated 1,000 new developer s per year. Before this, new developer s ranged from 400-500 every year. A total of 1,580 new developer s first appeare...