Ethereum and other cryptocurrencies had a splendid performance over the last 364 days. A look at the top 100 indicates that on average, most cryptocurrencies gained more than 50%.
All these increases contributed to the hike in the value of the global cryptocurrency market cap. Starting 2023 at $798 billion, the sector’s initial valuation marked the lowest point according to the chart. However, noteworthy growth ensued throughout the year, leading to various valuations and culminating in a recent peak of $1.68 trillion. Consequently, the crypto market has witnessed a remarkable 106% increase over this year.
This shows great improvement from the previous year which saw the industry lose more than half its value at the time. However, to wrap this year up let’s look at two altcoin performances.
Ethereum Failed Traders’ Expectations
The largest altcoin kicked off 2023 strong. As a result, many traders believed in a very bullish performance. In the same vein, some speculated a return to $3k. However, this never happened.
Ethereum started the year at $1,195 and this marked the lowest point. It soon started experiencing a significant increase in trading activity with the bulk of it tilting in favor of the bulls. As a result, prices also had a corresponding increase. It broke through the $2k resistance and continued forward as it peaked at $2,447.
It is currently exchanging at $2,281 which means it failed to test $3k. Nonetheless, it gained almost 90%.
One of the highlights happened in January as the asset had one of its biggest surges. Ethereum opened the session at $1,289 and broke $1,500. It edged close to breaking the $1,600 resistance but failed as it faced strong rejections at $1,591. Following that event, it dropped to a close at $1,553 and closed with gains of more than 20%.
Solana Went Berserk
The preceding year posed significant challenges for the entire cryptocurrency market, grappling with a substantial decrease in overall value. Solana, in particular, suffered severe consequences, losing over 94% of its value during that period.
In contrast, 2023 ushered in a more favorable trend of price increases for Solana. Starting at $9, the asset underwent substantial upward movements, striving to recover its previous levels. Despite encountering robust resistance at $125 (the highest point), it currently trades at $104, signifying an impressive gain of over 950% since the beginning of the session.
This substantial increase suggests a series of bullish moments, which are distinctly visible on the weekly chart. Notably, one of these positive movements occurred during the previous intraweek session when the altcoin opened at $70, briefly dipped to $67, and then rebounded, surpassing the $100 threshold for the first time in months. The surge continued, attempting to breach $120 but ultimately halting at that level. Ultimately, it closed the week with gains approaching 60%.
Conversely, the altcoin experienced a significant downturn in June, constituting one of its most substantial single-week declines. Starting relatively strong at around $21 and reaching towards $23, it subsequently faced corrections, breaking the $20 support level. The downtrend persisted until it found support at $13, after which it rebounded and closed at $15, reflecting a loss of over 28%.
