Is Ethereum’s transaction fee reaching $1.2 billion in Q1 2024 a sign of an impending rally for ETH prices?
Ethereum, the leading platform for smart contracts, has witnessed a remarkable surge in transaction fee revenue, reaching a record-breaking $1.2 billion in the first quarter of 2024. This represents a staggering 155% increase compared to the same period last year. Insights from Coin98 Analytics have shed light on Ethereum’s impressive tripled transaction fee earnings, amounting to a substantial $370 million.
Coin98 Analytics recently unveiled data that showcases Ethereum’s robust performance in Q1 2024, with earnings skyrocketing to $369 million, marking a threefold increase from the previous quarter.
During this period, Ethereum experienced significant growth in fees and revenues, with fees rising by 79% and revenues by 85% compared to the previous quarter. The platform’s total revenue from transaction fees surged to $1.2 billion, an outstanding 155% increase from Q1 2023.
In Q1 2024, Ethereum witnessed an impressive volume of over 107 million transactions, leading to the creation of nearly 9.7 million new addresses. Additionally, the total value locked within the Ethereum ecosystem saw a substantial increase, rising by 86% to reach $55.9 billion.
Furthermore, Ethereum observed substantial growth in the adoption of stablecoins. Tether, the largest Ethereum-based stablecoin by market capitalization, witnessed a 14% increase in market value compared to the previous quarter. Its competitor, USDC, experienced a 23% increase in ERC-20 market value during the same period.
Prominent crypto analysts at CrediBULL Crypto foresee Ethereum experiencing a surge of 3 to 4 times its current value, aiming for $15,000 to $20,000 by the end of 2024. This optimism aligns with the growing speculation that Ethereum may follow a trajectory similar to Bitcoin prior to its exchange-traded fund (ETF) approval hype.
Currently, Ethereum is trading at $3,325, showing a slight increase over the past 24 hours. However, trading volume has dropped by 29% to $14.6 billion, with a market capitalization of $399 billion.