ETH has remained dull in recent months due to the increase in the prices of Avalanche (AVAX) and Solana (SOL), which are seen as Ethereum competitors.
While AVAX and SOL prices rose rapidly, ETH's poor performance caused many to interpret this situation as ” ETH death “.
Ethereum Broke a Record!
But a comeback to Ethereum may be starting. Because, according to the data shared by the L2beat platform, ETH TVL value exceeded 21 billion dollars.
This includes the total value of assets locked in ETH layer two networks exceeding $21 billion on January 5.
Ethereum TVL has increased by 33% over the past month and has grown by up to 333% from the approximately $4.8 billion TVL at the beginning of January 2023.
Commenting on this increase, analysts said that the increase is a new milestone for Ethereum-based layer-2s.
Arbitrum Ranked First!
Arbitrum, which attracted great attention from investors with the airdrop news in 2023 and a big increase in its price is expected, took the market leadership with approximately 10 billion dollars in layer 2 TVL.
Among Tier 2 projects, ARB was the altcoin project with the largest share, taking almost a 50% share in TVL.
After Arbitrum, Optimisim (OP) ranked second with a TVL of 5.8 billion dollars and a market share of 28.7%.
After ARB and OP, Metis Andromeda and Base were in the third and fourth places, and the TVL values of both of them were approximately 750 million dollars.
While Ethereum TVL was breaking a record, the cryptocurrency analyst using the pseudonym Metaquant stated in his post on his X account that ETH has left the central exchanges and the activity on the network has slowly increased compared to the past weeks.
“According to TVL data, the return to ETH from Tier-1 altcoins has begun – ETH season is heating up.”
While market analysts shared their ETH price predictions in the face of this data, an analyst named CrediBULL Crypto claimed that Ethereum will be at least $ 10,000 in 2024.
*This is not investment advice.