Most cryptocurrencies are being built publicly through open-source software using the GitHub platform, making it possible for investors to follow development activity, among other valuable indicators about what is happening in the more technical realm of their favorite projects.
With a data-based approach, it is also possible to gather valuable insights from GitHub metrics in order to increase the fundamental analysis of each cryptocurrency investment being made.
In this context, Finbold collected results shared by the developer Lukas Masuch in a GitHub repository, ranking 48 projects in the category ‘Cryptocurrencies’, in order to find out which are the best five builders according to Masuch’s index.
“All projects are ranked by a project-quality score, which is calculated based on various metrics automatically collected from GitHub and different package managers.”
— Lukas Masuch’s ranking, method description
Top 5 cryptocurrencies on GitHub
Not surprisingly, the highest score goes to Bitcoin (BTC), the leading cryptocurrency by market cap, and the open-source software responsible for creating this industry and all the other projects that surged in the last 15 years.
Bitcoin scores 46 according to Masuch’s methodology, with over 100,000 stars, given by GitHub users as an indicator that they liked the open-source project.
Interestingly, with a $510.40 billion market cap by press time, BTC has $5,104 dollars for each star.
Cosmos (ATM), a cross-chain cryptocurrency, gets second place with a score of 43 and 22,000 stars. Considering its $2.35 billion market cap, ATM has $106 dollars for each star.
Stellar (XLM) comes in third, with 36 points and 8,500 stars, resulting in $417 dollars for each star, with XLM’s $3.54 billion market cap.
Notably, the higher the result on the ‘market cap/stars’ division, the more overbought a cryptocurrency is according to this market indicator.
Algorand (ALGO) scores 35 points with 2,900 stars, coming above XRPL (XRP) in the fifth position with 34 points, but a higher number of stars (6,900) — which shows that other metrics are also being taken into consideration while evaluating each project.
ALGO has a $709.36 million market cap, resulting in around $244 per star, while the software developed by Ripple, with a $25.44 billion market capitalization, is the second ‘most expensive’ asset among the top five builders with $3,687 per star.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.