According to a report from crypto analytics firm IntoTheBlock, Ethereum has recorded an 85% increase in its market cap over the last year, moving from around $149.18 billion to its current value of $275.98 billion. However, in comparison with other major assets, ETH performance still leaves more to desire, especially considering the many positive developments experienced by the asset in 2023. Related Reading: Ethereum Price Struggles While Bitcoin Jumps – Why ETH Could Take Major Hit Ethereum Underperforms Ethereum (ETH) has been one of the major headliners in the crypto space in 2023. The second-largest cryptocurrency and the most prominent altcoin has continued to retain investor interest marked due to several factors. One of these factors is the Shanghai/Capella upgrade in April which has so far produced a significant increase in ETH staking activity as investors are now allowed to freely withdraw their assets from the Ethereum network. Ethereum grew ~85% in market cap in 2023, slightly underperforming other major assets despite upgrades, ETF applications and showing robust adoption metrics. pic.twitter.com/cdvV085cxz — IntoTheBlock (@intotheblock) December 23, 2023 Furthermore, Ethereum has also recorded an increase in institutional adoption amidst the launch of Ether Futures ETF in the US and a growing competition among several asset managers to gain approval for the first-ever spot Ether ETF. Nevertheless, these developments could only boost the altcoin market shares by 85%, which while impressive, is overshadowed by the performance of other cryptocurrencies. For context, Bitcoin, the market leader, recorded a 163% gain in market cap value, while other top coins, such as ADA and AVAX, also experienced gains to the tune of 145% and 341%, respectively. Trending meme token Bonk (BONK) produced the largest market cap increase of 1,574%, followed by Optimism (OP) with 916% and Solana (SOL) with 744%. Other notable mentions include Celestia (TIA) and Chainlink (LINK), with 459% and 199%, respectively. Related Reading: Ethereum Exchange Balances Drop Drastically, What This Means For ETH Price ETH Price Prediction At the time of writing, Ethereum trades around $2,292.13 with a 0.04% gain on the last day. Looking at the token’s daily chart, ETH is currently headed for the $2,400 resistance zone, which has proven effective in recent weeks. Interestingly, price prediction site Coincodex reports that investor sentiment surrounding Ethereum is strongly bullish, with a Fear & Greed Index of 71. This indicates that many investors currently consider altcoin to be a favorable investment. However, if the $2400 resistance zone holds strong again, ETH could experience a price dip, finding support around the $2120 price region. And in the presence of overwhelming selling pressure, Ethereum could fall as low as $1,921. Ethereum (ETH) trading at $2,294.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com Featured image from Money/Fortmatoriginal, chart from Tradingview
