Ethereum surpassed in just the first three months of the year its total transactions for the entire 2020 in an impressive show of power and potential yet again.
In a post by Documenting Ethereum cited on Blockchain.news, the crypto data provider has stated that “Ethereum settled $1.3 trillion in transactions in 2020. ETH settled $1.5 trillion in transactions in Q1 2021 alone.”
The second-largest cryptocurrency has been on a bullish run, benefiting from mainstream adoption and the growing decentralized finance (DeFi) and non-fungible token (NFT) industries. As a matter of fact, in March, the payment giant Visa Inc. said it would leverage the Ethereum blockchain to settle USDC transactions.
The developments helped
Undoubtedly, the above-mentioned developments were what helped the ETH network to surpass its transactions performance last year in just the first quarter of 2021.
Ethereum now has a market capitalization of $265.54 billion and commands a price of more than $2,300.
Over the past weeks, it has shown tremendous potential in the crypto space and has gained a lot of traction to continue its surge despite the recent slump in the crypto market.
Bull run for the altcoins
The altcoins — coins that are not Bitcoin (BTC) — have recently enjoyed a remarkable surge, recording tremendous gains before slacking off a bit.
Dogecoin (DOGE), for instance, despite being dubbed as a joke currency invented in 2013, has successfully entered the Top Ten list of cryptocurrencies, alongside heavyweights Bitcoin and Ethereum.
As for the price increase in Ethereum, crypto analyst Joseph Young was cited by Blockchain.news in saying that the crisis in the supply of the digital currency is intensifying, and based on market forces, high demand and low supply would trigger a price increase.
Ethereum may not be Bitcoin, but it continues to solidify its status as the current “next best thing.”
Image courtesy of Bloomberg Markets and Finance/YouTube Screenshot