Ethereum

Rally

Coin98

April

Billion

<p>The post <a href="https://coinpedia.org/news/ethereum-recorded-1-2-billion-in-transaction-fees-in-q1-2024-hinting-ethereum-price-rally-ahead/">Ethereum Transactions Fees Hit $1.2 Billion in Q1 2024: ETH Price Rally Incoming?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum</a>, the world’s top smart contract platform, has seen an astonishing surge in transaction fee revenue, hitting a record $1.2 billion in the first quarter of 2024. This represents an impressive 155% increase from the same period last year. Insights from Coin98 Analytics shed light on Ethereum’s tripled transaction fee earnings, reaching a substantial $370 million.</p> 
<p>Read all about this below.</p> 
<h2 class="wp-block-heading" id="h-ethereum-q1-2024-performance">Ethereum Q1 2024 Performance</h2> 
<p>Coin98 Analytics recently unveiled data showcasing Ethereum’s robust performance in Q1 2024, with earnings soaring to $369 million, marking a threefold increase from the previous quarter.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Q1 2024 Financial Report<br><br>In the first quarter of 2024, most income statement metrics show positive growth signs:<br><br>– Fees &amp; Revenue increased nearly 1.8 times QoQ<br>– Earnings tripled QoQ<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://t.co/9BpI0KEmhu">pic.twitter.com/9BpI0KEmhu</a></p>— Coin98 Analytics (@Coin98Analytics) <a href="https://twitter.com/Coin98Analytics/status/1775391086317568439?ref_src=twsrc%5Etfw">April 3, 2024</a>
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<p>Notably, Ethereum experienced significant growth in fees and revenues during this period, 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, a remarkable 155% increase from Q1 2023.</p> 
<p>During Q1 2024, Ethereum witnessed an impressive volume of over 107 million transactions, leading to the creation of nearly 9.7 million new addresses. Moreover, the total value locked within the Ethereum ecosystem saw a substantial increase, rising by 86% to reach $55.9 billion.</p> 
<p>Read More: <a href="https://coinpedia.org/news/sec-calls-for-public-feedback-on-ethereum-etf-proposals-from-grayscale-fidelity-and-bitwise/">SEC Calls for Public Feedback on Ethereum ETF Proposals from Grayscale, Fidelity, and Bitwise</a></p> 
<h2 class="wp-block-heading" id="h-stablecoin-adoption"><strong>Stablecoin Adoption </strong></h2> 
<p>In addition to transaction fee revenue, Ethereum observed <a href="https://ycharts.com/indicators/ethereum_average_transaction_fee">significant growth</a> in the adoption of stablecoins. Tether retained its position as the largest Ethereum-based stablecoin by market capitalization in Q1 2024, witnessing a 14% increase in market value compared to the previous quarter.</p> 
<p>Meanwhile, its <a href="https://coinpedia.org/press-release/usdc-tether-investors-eye-up-algotech-in-50x-presale-bull-run/">competitor, USDC</a>, experienced a 23% increase in <a href="https://coinpedia.org/news/kraken-probes-crypto-funding-gateways-issue-involving-btc-eth-and-erc-20s/">ERC-20</a> market value during the same period.</p> 
<h2 class="wp-block-heading" id="h-market-trends-in-focus">Market Trends in Focus </h2> 
<p>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.</p> 
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   <p lang="en" dir="ltr">$10,000+ minimum. I think theres a chance we can come up on a peak/blow off top near 20k. <br><br>It's pretty simple- I think <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> can realistically 2x from our last high at 69k- which means most alts will do multiples of that. <br><br>For <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, a 3-4x of prior ATH puts us at 15-20k. <a href="https://t.co/LfH6WyNtFY">https://t.co/LfH6WyNtFY</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1774522575382557155?ref_src=twsrc%5Etfw">March 31, 2024</a>
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<p>This optimism aligns with the growing speculation that Ethereum may follow a trajectory similar to <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> prior to its <a href="https://coinpedia.org/news/what-will-happen-to-eths-price-if-the-sec-approves-all-spot-ethereum-etf-applications/">exchange-traded fund (ETF)</a> approval hype.</p> 
<p>Read More: <a href="https://coinpedia.org/news/ethereum-etf-proposal-gains-momentum-with-consensyss-letter-to-sec/">ConsenSys Makes Strong Case for Ethereum ETF, Citing Security Edge</a></p> 
<h2 class="wp-block-heading" id="h-current-market-status">Current Market Status</h2> 
<p>Currently, Ethereum is trading at <a href="https://markets.coinpedia.org/ethereum/">$3,325</a>, 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.</p> 
<p><strong>Is Ethereum a worthy investment for your portfolio? Why or why not?</strong></p>

Ethereum Transactions Fees Hit $1.2 Billion in Q1 2024: ETH Price Rally Incoming?

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