As one of the leading cryptocurrencies, Ethereum has skyrocketed over the past year in terms of both market capitalization and the number of transactions.
According to data from Trading Platforms, Ethereum’s market capitalization jumped a staggering 1300% year-over-year, reaching over $ 280 billion last week, double the growth rate of the world’s leading cryptocurrency, Bitcoin.
Market capitalization has quadrupled in four months
2020 was a fantastic year for all digital coins as investors flocked to cryptocurrencies in times of economic uncertainty caused by the pandemic. However, Ethereum is seeing much greater growth than other crypto coins.
As of April 2020, Ethereum’s market cap was nearly $ 19 billion, the CoinMarketCap data said. Over the next six months, that number rose 126%, reaching $ 42.8 billion in October. The strong growth continued in the fourth quarter of 2020. The total value of all Ethereum coins rose to $ 66.2 billion in December.
However, after its impressive performance in 2020, Ethereum rose even further in 2021. According to statistics, market capitalization has quadrupled in the past four months, rising from $ 66.2 billion in December to $ 280 billion last week.
By comparison, Bitcoin’s market cap increased 113% over that period, reaching $ 1.14 billion last week. Tether’s market cap has increased 123% since December, reaching $ 47 billion.
Daily transactions reached over 1.2 million in April
In addition to an increase in market capitalization, Ethereum also saw a significant increase in daily transactions worldwide. In April 2020, the average number of daily Ethereum transactions was around 650,000, according to BitInfoCharts data. Daily transactions hit a million mark for the first time in August and continued to rise.
Transactions per day increased by around 1.1 million for the past three months and then rose to over 1.2 million in April, an 84% increase over the previous year.
Statistics also show that the daily trading volume of Ethereum doubled over the past year, increasing from $ 16.7 billion to $ 32.3 billion.