Ethereum Earnings Witnessed Impressive Surge in Q1 2024

April 03, 2024

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In the opening quarter of 2024, Ethereum (ETH) has emerged as a standout performer, showcasing robust growth across various financial metrics. According to Coin98 Analytics, the data for Q1 2024 reveals an impressive surge in Ethereum’s earnings, with the platform tripling its income to a remarkable $369 million.

Ethereum Q1 2024 Performance Signals Sustained Momentum

Additionally, the data revealed that Ethereum’s first-quarter fees and revenues in 2024 increased by 79% and 85%, respectively. Also, Ethereum’s total revenue from transaction fees in Q1 2024 amounted to about $1.2 billion, which is over 155% higher than the first quarter of 2023. The total ETH revenue is $1 billion, surging past 186% from last year’s $385 million.

Interestingly, over 107 million Ethereum transactions were conducted in Q1 2024, creating almost 9.7 million new addresses. Likewise, the total value locked in the Ethereum ecosystem surged 86% quarter-over-quarter to $55.9 billion.

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This significant uptick in earnings underscores Ethereum’s enduring relevance and pivotal role within the blockchain ecosystem. As a leading decentralized platform for smart contracts and decentralized applications (DApps), Ethereum’s performance in Q1 2024 signals sustained momentum and widespread adoption.

Looking ahead, Ethereum’s outlook remains promising, fueled by ongoing developments such as the transition to Ethereum 2.0 and the implementation of layer-2 scaling solutions. Meanwhile, analyst predicts that by the end of 2026, the price of Ethereum, the native cryptocurrency, will have increased five times.

Ethereum Sets the Stage for an Altcoin Explosion

With the recent developments in the ETH ecosystem, analysts expect Ethereum to experience a remarkable surge beyond its current level by 23rd May, assuming it will follow a similar trendline to that of Bitcoin (BTC) before its exchange-traded fund (ETF) approval hype.

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Also, the token will avoid massive selloffs compared to Bitcoin post-ETF approval. Leading expert Kyle Doops observed an upward breakout in the ETH/BTC chart, indicating growing ETH dominance in the crypto sector. He believes this trendline indicates a potential rally for many altcoins due to optimism surrounding legacy projects like Ethereum.

Spike in Ethereum Network Gas Fees

Recall that the Ethereum blockchain witnessed a significant increase in transaction volume, leading to notable changes in network gas fees. As per a report, the seven-day moving average of gas fees reached a multi-month high of over $11, a level not seen since mid-December 2023.

Interestingly, this brought to the fire the position of ETH Foundation held in 2022 when it stated that gas fees come as a result of the demand placed on the network and have nothing to do with the capacity of the network.