Stepping into 2023, the cryptocurrency market seemingly shrugged off the year-long bearish sentiment from 2022. As investors took notice, the long-awaited price corrections had a significant reaction, showcased through on-chain activities on the Ethereum blockchain. According to a data report from Analytex, Ethereum’s average gas price — calculated in terms of the smallest Ether (ETH) denomination, gwei — increased by 29.27% in January 2023. The report compares gas prices in January and December 2022, noting an increase in user activity as a key indicator for the rise in average gas price from 19.2 gwei to 24.82 gwei month on month. …