ETH has been lackluster in recent months, overshadowed by the surging prices of Avalanche (AVAX) and Solana (SOL), perceived as competitors to Ethereum.
As AVAX and SOL experienced rapid price increases, ETH’s underwhelming performance led many to interpret this situation as the “death” of ETH.
Ethereum Achieves a New Record!
However, signs of a resurgence in Ethereum are emerging. As per data from the L2beat platform, the Total Value Locked (TVL) in ETH surpassed $21 billion.
This figure encompasses the collective value of assets locked in Ethereum layer-two networks, surpassing $21 billion as of January 5.
Over the past month, Ethereum’s TVL has seen a remarkable 33% increase, soaring by an impressive 333% from the initial TVL of approximately $4.8 billion at the start of January 2023.
Analysts note that this surge represents a significant milestone for Ethereum-based layer-2 solutions.
Arbitrum Takes the Top Spot!
Arbitrum, which gained significant investor attention in 2023 with its airdrop news and anticipates a substantial price increase, has claimed market leadership with a layer 2 Total Value Locked (TVL) of approximately $10 billion.
Among Tier 2 projects, ARB emerged as the leading altcoin, securing nearly a 50% share in TVL.
Following Arbitrum, Optimisim (OP) secured the second position with a TVL of $5.8 billion, commanding a market share of 28.7%.
After ARB and OP, Metis Andromeda and Base occupied the third and fourth spots, with TVL values of approximately $750 million each.
While Ethereum’s TVL set records, cryptocurrency analyst Metaquant, using the pseudonym, noted in a post on their X account that ETH has moved away from central exchanges, and network activity has gradually increased compared to the past weeks.
As market analysts discussed their Ethereum (ETH) price forecasts in light of this information, an analyst by the name of CrediBULL Crypto asserted that Ethereum is poised to reach a minimum of $10,000 by 2024.