Ethereum, the world's leading smart contract platform, has seen a significant increase in revenue from transaction fees, reaching $1.2 billion in the first quarter of 2024, a staggering 155% increase over last year. Meanwhile, Ethereum's revenue from transaction fees tripled compared to the same period last year, reaching a staggering $370 million, according to recent data from Coin98 Analytics.
Ethereum performance in Q1 2024
Recent data revealed by Coin98 Analytics reveals strong performance for Ethereum in the first quarter of 2024, with revenue trebling from the previous quarter to $369 million.
In Q1 2024, Ethereum saw a significant increase in fees and revenue, with fees increasing by 79% and revenue increasing by 85% compared to the previous quarter. Notably, Ethereum's total revenue from transaction fees reached $1.2 billion, marking a significant 155% increase from Q1 2023.
Ethereum also saw more than 107 million transactions and nearly 9.7 million new addresses created during the period. Additionally, the total amount locked in the Ethereum ecosystem increased significantly, increasing by 86% to a total of $55.9 billion.
Ethereum’s advantages in stablecoins
In addition to transaction fee revenue, Ethereum has also seen a significant increase in adoption of stablecoins built on its platform. Tether remains the largest Ethereum-based stablecoin by market capitalization in Q1 2024, with a 14% increase in market value compared to the previous quarter.
Competitor USDC, on the other hand, saw its ERC-20 market value increase by 23% over the same period.
Ethereum aims for $15,000 to $20,000
Following recent developments in the ETH ecosystem, CrediBULL Crypto, a prominent cryptocurrency analyst, predicts that Ethereum will experience a 3x to 4x surge, increasing from 15,000 to 2,000 by the end of 2024. We aim to reach $1 million.
This comes amid mounting speculation that the exchange-traded fund (ETF) approval will follow a similar trend line to Bitcoin (BTC) before the hype.
As of now, Ethereum is trading at $3,325, up slightly over the past 24 hours. However, trading volume fell 29% to $14.6 billion, leaving the market capitalization at $399 billion. ”
