Ethereum grew 90% over the last year

Over the course of last year, ethereum, the second most prominent cryptocurrency in the crypto ecosystem, registered an impressive 90% increase in its price. It closed the year 2023 reaching $2.443 per unit, compared to $1.912 at the beginning of the year.

Data collected by Cryptorank highlights that this 90.8% increase over 2023 represents a significant evolution. Despite facing a 9.97% decline at the end of the last quarter of 2022, Ethereum reversed its course in the first months of 2023, achieving an increase of 52.4%. In addition, the second quarter closed with an increase of 6.12%.

During the second quarter of last year, an upgrade was implemented on the Ethereum network that allowed stakers to freely withdraw tokens used in the Proof Of Stake process. Although initially there was speculation about a possible negative impact on the price due to the oversupply of tokens, the reality was different. Ethereum accumulated an increase of close to 60% in the first half of the year.

However, the third quarter of 2023 presented a change of scenery with a decline of 13.5% in the value of the native token of the Ethereum network. Despite this setback, Ethereum managed to recover in the last quarter with a rebound of 36.5%.

Entering the year 2024, the crypto market has experienced slight fluctuations, marking a decline of close to 2% in the first days of January compared to the final price of the previous year.

As for future prospects, it has been announced that the test phase of the Dencun update will be launched this January. According to the revealed dates, the test phase on the Goerli network is expected to start on 17 January, followed by further tests on the Sepolia and Holesky networks. This development could have significant implications for the future course of Ethereum in the crypto ecosystem.

K. Tovar

Source: Cointelegraph

(Reference image: Unsplash+)

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