Most cryptocurrencies are publicly created through open-source software using the GitHub platform, allowing investors to track development activities in addition to other valuable indicators about what is happening in the technical field of their favorite projects.
With a data-driven approach, it is also possible to gather valuable insights from GitHub metrics to enhance the fundamental analysis of every cryptocurrency investment.
In this context, the results shared by developer Lukas Masuch on GitHub, which ranks 48 projects in the “Cryptocurrencies” category, were examined to find out which are the top five cryptocurrencies according to Masuch’s index.
Lukas Masuch’s ranking is based on the following methodology:
All projects are ranked based on a project quality score calculated according to various measurements collected automatically from GitHub and different package managers.
Unsurprisingly, the highest score goes to Bitcoin (BTC), the leading cryptocurrency by market value, and the open-source software responsible for the creation of this industry and other emerging projects in the last 15 years, with over 100,000 stars given by GitHub users, resulting in a score of 46. Interestingly, at the time of writing, each star is valued at $5,104 for BTC, which has a market value of $510.40 billion.
Cosmos (ATOM), an interchain cryptocurrency, takes second place with 43 points and 22,000 stars. With a market value of $2.35 billion, each star is worth $106.
Stellar (XLM) ranks third with 36 points and 8,500 stars. With a market value of $3.54 billion, each star is valued at $417. Particularly, the higher the result in the “market value/stars” section, the more overbought a cryptocurrency is according to this market indicator.
Algorand (ALGO) surpasses XRPL (XRP), which ranks fifth with 34 points and 2,900 stars, but the higher number of stars (6,900) also indicates that other measurements are taken into account when evaluating each project. ALGO has a market value of $709.36 million, resulting in approximately $244 per star, while the software developed by Ripple, with a market value of $25.44 billion, stands out as the second “most expensive” cryptocurrency among the top five founders with $3,687 per star.