On December 28, Grayscale executives shared on social media an optimistic outlook for the cryptocurrency market, bolstered by Ethereum's (ETH) strong performance this year, as reported by BlockBeats News.
ETH generated significant returns, exceeding 80% in 2023, though it lagged behind Bitcoin (BTC) and some other smart contract blockchain tokens in performance. Notably, the ratio between the ETH and BTC price index has recently hit its lowest level since the middle of 2021. This year, most smart contract platform tokens, ETH included, have not kept pace with Bitcoin's gains.
The FTSE Grayscale Smart Contract Platform CryptoSector Index grew roughly 94% this year, just slightly more than the rise of ETH. Despite trailing Bitcoin and certain other crypto assets in 2023, ETH outperformed conventional asset classes.
In light of these findings, Grayscale believes that Ethereum's rebound should be interpreted as evidence of a broader crypto market recovery.
