Ethereum Recorded $1.2 Billion in Transaction Fees In Q1 2024, Hinting Ethereum Price Rally Ahead

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Ethereum, the world’s leading smart contract platform, saw a big jump in revenue from transaction fees, hitting $1.2 billion in Q1 2024, a remarkable 155% surge from last year. Meanwhile, recent data from Coin98 Analytics shows Ethereum’s earnings from transaction fees tripled compared to the same time last year, reaching an impressive $370 million.

Ethereum Q1 2024 Performance

According to the recent data revealed by Coin98 Analytics firm reveals Ethereum’s robust performance in Q1 2024, with earnings soaring to $369 million, a triple increase from the previous quarter.

In Q1 2024, Ethereum saw a substantial increase in fees and revenues, with fees rising by 79% and revenues by 85% compared to the previous quarter. Notably, Ethereum’s total revenue from transaction fees reached $1.2 billion, representing a substantial 155% surge from Q1 2023.

Ethereum also witnessed over 107 million transactions during the period, creating nearly 9.7 million new addresses. Additionally, the total value locked in the Ethereum ecosystem experienced a significant increase, rising by 86% to reach a total of $55.9 billion.

Ethereum Dominance In Stablecoin 

In addition to transaction fee revenue, Ethereum also saw significant growth in the adoption of stablecoins built on its platform. Tether remained the largest Ethereum-based stablecoin by market capitalization in Q1 2024, witnessing a 14% increase in market value compared to the previous quarter. 

Meanwhile, its competitor, USDC, experienced a 23% increase in ERC-20 market value during the same period.

Ethereum Aim For $15k -$20k

With the recent developments in the ETH ecosystem, well-known crypto analysts  CrediBULL Crypto expects Ethereum to experience a 3 to 4x surge and aims to hit 15 to 20k by the end of 2024. 

This comes amidst the growing assumption that it will follow a similar trendline to that of Bitcoin (BTC) before its exchange-traded fund (ETF) approval hype.

As of now, Ethereum is trading at $3,325 showing a slight increase in the last 24 hours. However, trading volume has dropped by 29% to $14.6 billion, with a market cap at $399 billion.”