Industry Leaders Predict Ethereum Growth in 2023. Discus Fish, Co-founder of Cobo and F2pool, highlights the Ethereum Foundation’s timely announcement of the March Shanghai upgrade as a strong boost for the industry.
However, L2 projects, with a focus on ZK tech, plan to launch testnets or mainnets in 2023’s 3rd or 4th quarter. The number of these projects is significant, boosting Ethereum’s growth potential. In addition, the use of ZK technology in L2 projects provides advantages such as increased speed, lower fees, and improved privacy. Moreover, the rollout of these projects is expected to further boost Ethereum’s growth in 2023.
Furthermore, the Ethereum Foundation is known for making crucial strategic moves at the right time, with favorable macroeconomic conditions as support. This track record shows their commitment to promoting growth within the industry. For the industry as a whole, March may be a pivotal month.
Ethereum Growth Fueled By Safe Market Cycles
The absence of significant potential hazards in the sector is a key element fostering Ethereum’s growth. A key turning point for the cryptocurrency may occur in March. According to the foundation’s history of making significant strategic decisions at times of good macroeconomic conditions. Therefore, as seen by prior upgrades like 1559 and the merger.
Another driving force is the bitcoin market cycle, which tends to be bullishly long and bearishly short. Industry Regains Confidence, Seeks Fresh Narrative. Bear Market Period Nears End, Began March 2020.
Upcoming Bitcoin Halving Cycle To Influence Ethereum Development Within 470 Days. Historically, periods of market expansion have come after halving cycles. In addition, Discus Fish anticipates market hotspots in 2023’s second and fourth quarters, along with the interest rate cycle and internal industry dynamics.
Related Reading | Uptick In USDT Dominance, Decrease In BUSD Supply: DeFillama Report
Fish suggests that the bear market has likely reached its bottom, assuming no major negative events or declining macroeconomic conditions occur. Experts anticipate a significant upward trend to emerge soon. This prediction is based on the absence of significant potential hazards and the influence of the market cycle.