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Home»EXCHANGE NEWS»Ethereum hits 52-week high as year-end approaches: What can we expect in 2024?
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Ethereum hits 52-week high as year-end approaches: What can we expect in 2024?

By Crypto FlexsDecember 30, 20234 Mins Read
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Ethereum hits 52-week high as year-end approaches: What can we expect in 2024?
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Ethereum (ETH) has hit a 52-week high of $2,430, giving investors reason to be optimistic about the upcoming year. The surge comes on the heels of a volatile year for the second-largest cryptocurrency, which has not been immune to the effects of economic uncertainty.

It was in April 2023 that Ethereum first surpassed the $2,000 resistance point and then fell again in value. Since then, the price has risen by about 20%, but the value of ETH is still significantly lower than its all-time high of $4,878 two years ago.

Cryptocurrency prices are higher across the board and this rally could go much higher.

What is driving up the price of Ethereum?

The surge in Ethereum price above $2,400 is directly tied to increased on-chain activity and recent regulatory activity. The network’s recent daily trading volume was $3.92 billion, the highest since March of this year and more than three times that of October.

This activity is a direct result of Ethereum’s strong presence across the DeFi, NFT, and gaming sectors, making it a popular choice for developers building projects. At the same time, BlackRock’s move toward launching an Ethereum ETF has fueled optimistic speculation that translates directly into adoption of the network.

Institutional confidence has continued to rise over the past year as regulators continue to take action against malicious actors in cryptocurrencies. The downfalls of Sam Bankman-Fried, “CZ” Zhao and Alex Mashinsky have all been well-received by lawmakers, investors and key industry players. One example is what Kraken co-founder Jesse Powell claimed could bring about a “fairer” ecosystem and erase the industry’s reputation.

What will 2024 mean for Ethereum?

Investors believe the currency’s upward trend will continue in the new year as blockchain adoption and regulatory enforcement are likely to continue in the coming year. For example, cryptocurrency YouTuber Lark Davis shared his belief on X (formerly Twitter) that it is only a matter of time before Ethereum rises to $10,000.

Ethereum will hit $10,000. If not!

— Lark Davis (@TheCryptoLark) December 28, 2023

Davis predicts that the recently launched layer 2 protocol on Ethereum could fuel a short-term pump that would sustain the upward trend. This move means that Ethereum could easily achieve prices up to $15,000 if it replicates previous bull cycles.

With Ethereum’s Dencun testnet scheduled to launch in 2024, the network’s technical capabilities will also significantly improve. This puts Ethereum on a direct collision course with so-called “Ethereum killers” like Avalanche and Solana, which have experienced rapid growth thanks to their superior performance and scalability.

Can Solana really kill Ethereum?

Solana’s surprising resurgence poses a new threat to Ethereum’s dominance in DeFi, blockchain gaming, and decentralized applications. The network’s high-speed architecture has made it increasingly attractive to developers, powering trading volumes comparable to Ethereum’s top DEX Uniswap. This caused the price of Ethereum Killer to skyrocket by more than 900% in just one year. This is an achievement unmatched by any other top project.

Analysts similarly found that while Solana was able to double its value in December alone, projects like Injective and NEAR fared better. This trend suggests that Solana’s surge may have been driven by Ethereum’s high gas prices and the virality of the meme coin, among other things.

However, with a total value of $1.5 billion, Solana still falls short of Ethereum’s $29 billion ecosystem. The hype around the “Ethereum killer” story has been feeding server networks like Solana, Avalanche, and Cardano for years, but that wasn’t enough. Solana is not yet a true usurper, but appears to be benefiting from a new cycle of hype that should lead to increased adoption.

Nonetheless, most tokens will go higher next year. The only question is how much?

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