Ethereum

Greed

Bonk

Chainlink

Celestia

According to <a href="https://twitter.com/intotheblock/status/1738590864048325000/photo/1" target="_blank" rel="noopener nofollow">a report</a> 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. 
<h2 id="strong-ethereum-underperforms-strong">Ethereum Underperforms</h2> 
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.&nbsp; 
One of these factors is the Shanghai/Capella upgrade in April which has so far produced a <a href="https://www.newsbtc.com/analysis/eth/shanghai-upgrade-drives-25-boost-in-eth-staking-activity/" target="_blank" rel="noopener ">significant increase</a> in ETH staking activity as investors are now allowed to freely withdraw their assets from the Ethereum network. 
<blockquote class="twitter-tweet"> 
 Ethereum grew ~85% in market cap in 2023, slightly underperforming other major assets despite upgrades, ETF applications and showing robust adoption metrics. <a href="https://t.co/cdvV085cxz" rel="nofollow">pic.twitter.com/cdvV085cxz</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1738590864048325000?ref_src=twsrc%5Etfw" rel="nofollow">December 23, 2023</a>
</blockquote> 
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.&nbsp;Nevertheless, these developments could only boost the altcoin market shares by 85%, which while impressive, is overshadowed by the performance of other cryptocurrencies.&nbsp; 
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.&nbsp; 
Trending meme token Bonk (BONK) produced the largest market cap increase of 1,574%, followed by Optimism (OP) with 916% and <a href="https://www.newsbtc.com/news/solana-surges-above-117-as-meme-coin-craze-extends-market-momentum/" target="_blank" rel="noopener ">Solana (SOL) with 744%.</a> Other notable mentions include Celestia (TIA) and Chainlink (LINK), with 459% and 199%, respectively.&nbsp; 
<h2 id="strong-eth-price-prediction-strong">ETH Price Prediction&nbsp;</h2> 
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, <a href="https://coincodex.com/crypto/ethereum/price-prediction/" target="_blank" rel="noopener nofollow">price prediction site Coincodex</a> reports that investor sentiment surrounding Ethereum is strongly bullish, with a Fear &amp; Greed Index of 71. This indicates that many investors currently consider altcoin to be a favorable investment.&nbsp; 
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. 
<img loading="lazy" decoding="async" class="aligncenter size-large" src="https://www.tradingview.com/x/O5imoPjm/" alt="Ethereum" width="1480" height="893">

Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

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