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

Ethereum, 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.

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Ethereum Q1 2024 Performance

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.

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.

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.

Read More: SEC Calls for Public Feedback on Ethereum ETF Proposals from Grayscale, Fidelity, and Bitwise

Stablecoin Adoption

In addition to transaction fee revenue, Ethereum observed significant growth 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.

Meanwhile, 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.

$10,000+ minimum. I think theres a chance we can come up on a peak/blow off top near 20k.

It’s pretty simple- I think $BTC can realistically 2x from our last high at 69k- which means most alts will do multiples of that.

For $ETH, a 3-4x of prior ATH puts us at 15-20k.

— CrediBULL Crypto (@CredibleCrypto) March 31, 2024

This optimism aligns with the growing speculation that Ethereum may follow a trajectory similar to Bitcoin (BTC) prior to its exchange-traded fund (ETF) approval hype.

Read More: ConsenSys Makes Strong Case for Ethereum ETF, Citing Security Edge

Current Market Status

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.

Is Ethereum a worthy investment for your portfolio? Why or why not?

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Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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