<\/p>\n
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- Ethereum outperformed its competitors in terms of network GDP.<\/em><\/li>\n
- The price movement of Ethereum showed a positive trend as it geared up for a new upgrade.<\/em><\/li>\n<\/ul>\n
Ethereum [ETH]<\/a> witnessed large amounts of volatility in terms of price movement over the last few months.<\/p>\n
However, the fundamentals around the network remained sound, suggesting a positive future for ETH ahead.<\/p>\n
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As Layer 1 networks mature, the use cases being built “on top” of them continue to evolve.<\/p>\n
At the same time, onchain data providers such as @tokenterminal<\/a> continue to give the market an increasingly clear view of how these systems are being used today \u2014 and how they may be used\u2026 pic.twitter.com\/H206k6SEL4<\/a><\/p>\n
\u2014 Michael Nadeau (@JustDeauIt) January 29, 2024<\/a><\/p>\n<\/blockquote>\n
Outperforming its competition<\/h4>\n
According to Token Terminal, Ethereum\u2019s \u201cGDP\u201d holds significant promise.<\/p>\n
The evaluation method employed involves comparing Ethereum\u2019s valuation to other layer 1 networks through a \u201cGDP\u201d analysis.<\/p>\n
This method measures and predicts the economic potential, or GDP, of the network by treating it like a country.<\/p>\n
Notably, Ethereum\u2019s \u201cGDP\u201d over the past 365 days, as per Token Terminal\u2019s data, stood at $2.7 billion.<\/p>\n
At press time, Ethereum led its competitors in both \u201cGDP\u201d and Total Value Locked ($28 billion), showcasing dominance that is anticipated to grow further as the network scales through layer 2 solutions.<\/p>\n
<\/p>\n![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-30-at-5.34.20\u202fPM.png\")
<\/p>\n<\/a><\/p>\n
Source: Token Terminal<\/p>\n<\/div>\n
The above news is positive for the trajectory of the network, as it shows promise for further growth.<\/p>\n
However, only time will tell whether Ethereum can capitalize on its GDP dominance, and whether the price of ETH will experience growth as a result.<\/p>\n
State of ETH<\/h4>\n
At press time, ETH was trading at $2,315.37, and its price had grown by 2.2% in the last 24 hours.<\/span><\/p>\n
The price movement of ETH showcased by ETH over the last three months showed multiple higher highs and higher lows, establishing a bullish trend.<\/span><\/p>\n
\nRead\u00a0Ethereum\u2019s [ETH] Price Prediction<\/a>\u00a02024-25<\/p>\n
\nThe total number of addresses holding ETH had also grown during this period, along with a <\/span>spike in network growth. A surging network growth suggests that new addresses were showing interest in ETH.<\/p>\n
The combination of these factors, coupled with the upcoming Dencun upgrade<\/a>, suggested that the bulls may stand to gain from ETH in the short term.<\/p>\n
- The price movement of Ethereum showed a positive trend as it geared up for a new upgrade.<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-17.49.58-30-Jan-2024.png\")
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