Crypto influencers are increasingly looking beyond 2023 or even taking a more comprehensive look into the future of the digital currency industry, even if the cryptocurrency market is scarcely moving and Ethereum is now trading slightly around $1200. Ethereum will start, securely entrenched, as the second most valuable cryptocurrency in 2023 with a market domination of about 18.5%, according to @CroissantEth, a crypto influencer with over 120,000 Twitter followers who have now foreseen a game-changing development for Ethereum.
Because the bear market may short-term obfuscate Ethereum’s essential potential, the Ethereum network can disrupt several industries, including politics, banking, payments, gaming, and the arts.
https://twitter.com/CroissantEth/status/1609308242173206529
While Dash 2 Trade, a new cryptocurrency, intends to transform crypto analytics, Ethereum has fundamentally disruptive potential. Due to the impending debut of the ground-breaking platform for cryptocurrency analyses and tailored trading tips, less than five days remain for investors to acquire the cutting-edge cryptocurrency with the most fanfare.
What didn’t you notice about Ethereum?
The first unnoticed feature of Ethereum amid the bear market is deflation. There are substantial variations between PoW and PoS. The proof-of-work network was more diluted than the Ethereum network. According to analysis, supply is becoming scarcer, which is positive for the direction of Ethereum.
The volume of transactions on Ethereum has also remained strong despite the general market’s dismal trend. Ethereum processes, on average, one million transactions per day.
Another thing to note is the daily tx count on the network.
Considering the market downturn, the number of transactions remain relatively unfazed.
Ethereum is averaging 1,000,000 txs every day. pic.twitter.com/ByN9ZW5Uqh
— 👨🍳.eth (@CroissantEth) December 31, 2022
Additionally, despite the wrong market, the number of different addresses in the Ethereum network is growing. At the start of the year, there were around 182 million addresses; by the end of 2022, there were approximately 220 million.
The number of unique addresses recorded on Ethereum is also steadily increasing.
From 182,819,044 unique wallets at the start of this year, we ended with 218,274,926.
That’s an increase of 35,455,882, or 97,139 daily.
Not bad. pic.twitter.com/CKu1m63qq7
— 👨🍳.eth (@CroissantEth) December 31, 2022
The transaction fees have also been decreased due to the EIP-1559 update and the consolidation. Today’s gas prices are manageable, increasing the likelihood that Ethereum will be adopted.
Ethereum is similarly becoming more scalable by the day.
With help from EIP-1559 and the Merge, transaction fees have decreased from an average of $30+, to just $2.70 today.
This coincides with the recent spark of L2 networks. pic.twitter.com/U1hIt79DZs
— 👨🍳.eth (@CroissantEth) December 31, 2022
In 2023, it is advisable to support Layer 2’s adoption of Ethereum. In the previous year, Optimism and Arbitrum, in particular, doubled their transactions in addition to the top Layer 2 scaling solution Polygon. A development that needs to follow Ethereum’s direction.
Arbitrum is popping.
With the recent launch of Arbitrum Nova, hundreds of thousands of users have begun transacting on the cheap and fast L2.
At the start of the year, Arbitrum had around 30,000 txs on day.
Now, that number is at a whopping 324,000 and counting. pic.twitter.com/mcHT4sqYJ5
— 👨🍳.eth (@CroissantEth) December 31, 2022
Will ETH ragain a bullrun in 2023?
Without a doubt, Ethereum, whose mainnet transactions recently dropped to a two-year low, has enormous long-term disruptive potential. The network may radically alter many aspects of life. Non-fungible coins complement the art, and DeFi dApps may map the money in a decentralized way.
Voting is getting more democratic and transparently verifiable. Ethereum is in a great position to profit from these developments over the long term because of its market dominance, high developer engagement, and lock-in of almost 60% of the total Total Value in decentralized finance.
It’s still unclear if 2023 will see a significant comeback or new record highs. A softer macroeconomic situation, particularly in the year’s second half, might lead to the recovery of cryptocurrencies, and many course drivers are also anticipating Ethereum in 2023.
