Ethereum has showcased significant financial and network expansions in the first quarter of 2024. The platform’s fees and revenue saw an impressive increase, nearly doubling quarter over quarter. This period also marked a notable tripling in the earnings compared to the previous quarter, reflecting a strong financial performance. In Coin98 Analytics’ recent report, the platform unveiled Ethereum’s remarkable performance in 2024 Q1.
In terms of network activity, Ethereum’s blockchain was more vibrant than ever. The total number of transactions executed on the network exceeded 107 million, illustrating the growing user engagement and utilization of Ethereum’s capabilities. Additionally, the ecosystem welcomed close to 9.7 million new addresses, indicating a burgeoning interest in Ethereum’s offerings.
The Ethereum ecosystem also witnessed considerable growth metrics. The Total Value Locked (TVL) in the network experienced a significant boost, increasing by over 1.8 times quarter over quarter.
This period was also remarkable for the creation of more than 4.8 million NFTs, underscoring the vibrant activity within the Ethereum NFT space. Among stablecoins, $USDT maintained its dominance, holding the highest market capitalization.
Ethereum has experienced a slight decline today. The value dipped by 2.30%, landing at $3,310.30. Over the past week, ETH price has been trading in a sideways trend, with ETH trading in a range of $3,650-$3,240, with a decrease of more than 7%.
The trading volume surged by 15.37%, a notable increase to $20.75 billion within the past 24 hours. The ratio of volume to market cap is 5.21%. This adjustment marks a brief setback in its market standing. However, the overall market capitalization remains substantial at $397.47 billion. Ethereum retains its position as the second-largest digital currency in terms of market cap.
