Ethereum Surges 7% to $2,598, Cardano Gains 8% to $0.605 on Development Activity

Ethereum and Cardano have recently surged to fresh 10-day highs, with Ethereum reaching $2,598 and Cardano reclaiming $0.605. This rally is backed by a significant increase in development activity and strong market momentum. Ethereum ranked 13th and Cardano 4th in GitHub development activity this week, indicating a strong correlation between developer activity and price recoveries during accumulation phases.

Ethereum's development activity score reached 0.74486, while Cardano hit 2.29426 between June 28 and July 2. This data aligns with historical patterns where project activity correlates with price recoveries. While Cardano often leads in developer frequency, Ethereum’s steady codebase growth has tracked closely with price support, signaling that both assets maintain strong network fundamentals beyond short-term price action.

Ethereum surged from the $2,430 zone to $2,598.88, gaining over $150 in a sharp vertical rally. The move unfolded across large green candles, breaking through key resistance levels around $2,550 and $2,600. After hitting multiple new highs, ETH paused in a brief sideways range above $2,590 before pushing higher again. Volume stayed strong, with 24-hour turnover reaching $24.57 billion, confirming heavy market participation.

Cardano followed a similar path, rising sharply from $0.56 to $0.6055 in a single upward move. ADA’s price cleared the $0.59 level, held support, and reversed again with momentum to challenge $0.61. Ethereum’s market cap sits at $313.89 billion with a circulating supply of 120.7 million ETH. Its fully diluted valuation remains matched, reflecting zero inflation and capped issuance after the merger.

Cardano has a market capitalization of $21.87 billion, with 36.13 billion ADA currently in circulation. The overall supply of tokens is set at 45 billion, ensuring stringent control over future issuance. ADA posted $937.76 million in daily volume, highlighting increased investor interest. The clean structure of Cardano’s rally shows tight buyer control through all resistance zones leading up to $0.60.

Both Ethereum and Cardano now rest above reclaimed breakout zones. These levels will be critical in maintaining trend strength through the next market session. The rally in both Ethereum and Cardano has been supported by a surge in developer activity. The overall strength in the cryptocurrency market has also provided a supportive environment for the rally in these two cryptocurrencies. As both Ethereum and Cardano continue to break above key resistance levels, the potential for further gains remains high. However, it is important to note that the cryptocurrency market is highly volatile, and investors should exercise caution when investing in these assets.