2023 TOP to ETB Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 TOP to ETB Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the TOP to ETB exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 24.2099. Conversely, the yearly low was recorded on March 18, dropping to 22.4941.
This high-to-low spread represents a total annual volatility of 1.7158 ETB. From a start-to-finish perspective, comparing the January average rate of 23.0251 to the December average rate of 23.8995, the exchange rate registered a net change of 3.80% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 24.2099 was up 5.31% compared to the 2022 peak of 22.9900, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 TOP based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
TOP to ETB Seasonal Trends & Volatility Analysis
A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.
Seasonal Halves (H1 vs H2)
SeasonalThe average exchange rate in the first half of the year (H1: Jan–Jun) was 23.0020, compared to 23.3483 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.3462 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was November, with a trading range of 0.7787 ETB (High: 23.8224 / Low: 23.0437). On the other end, September was the most stable month, with a tight range of 0.2119 ETB (High: 23.1996 / Low: 22.9878).
Growth Streaks & Declines
TrendsBetween March and July, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 4 straight months. Conversely, the sharpest month-over-month decline occurred between February and March, when the average rate fell by 0.1910 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 23.8995) against the same month in 2022 (average: 22.8156), the exchange rate shifted by +1.0839 (+4.75%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 23.2176 | 22.7838 | 23.0251 |
| February | 23.3766 | 22.7610 | 22.9807 |
| March | 22.9547 | 22.4941 | 22.7897 |
| April | 23.1996 | 22.6754 | 23.0205 |
| May | 23.2559 | 22.8015 | 23.0495 |
| June | 23.4177 | 22.8267 | 23.1467 |
| July | 23.6632 | 23.0477 | 23.3499 |
| August | 23.4097 | 22.9820 | 23.1606 |
| September | 23.1996 | 22.9878 | 23.0937 |
| October | 23.3956 | 23.0146 | 23.1969 |
| November | 23.8224 | 23.0437 | 23.3890 |
| December | 24.2099 | 23.6204 | 23.8995 |