Dive deep into Ethereum’s 2023 market journey, focusing on its NFT dynamics, pivotal metrics, and the emerging world of spot ETFs.
In 2022, the crypto world witnessed an unexpected downturn, with Ethereum (ETH) facing a sharp 68% decline in value.
Although 2023 brought a glimmer of hope, with ETH clawing back nearly 35% of its losses amidst a market-wide resurgence, its price of $1,620 as of Oct. 20 still pales in comparison to its once lofty highs.
Ethereum has also grappled with a series of challenges recently, dampening its once meteoric rise. A testament to its struggles is the drastic dip in ETH’s total value locked (TVL) — plummeting from a whopping $108 billion in November 2021 to a mere $20 billion by October, marking an almost 82% drop.
Let’s delve into the dynamics surrounding Ethereum and try to understand the current market sentiments, key metrics, and insights into what lies ahead for this crypto.
Declining NFT market
In Jan. 2023, Ethereum’s NFT space witnessed significant headwinds. The bustling activity that saw more than 28,000 NFTs being minted daily on Ethereum at the beginning of the year took a sharp downturn.
As of Oct. 20, that enthusiasm has waned, with daily mintings dropping below 3,500. This significant 88% decline can be attributed to increased competition from other blockchain networks, a possible oversupply, and the general volatility of the crypto market.
Trading hasn’t been spared either. Platforms like OpenSea, once brimming with sales, observed a slowdown, particularly after the first quarter, hitting their lowest ebb by Sep. Moreover, from Q1 to Q2 2023, Ethereum’s NFT trading volume shrank by 39.6%, according to CoinGecko.
Parallel to the ebb in NFT momentum, 2023 also marked the entry of
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Author: Ankish Jain
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