Coin98 Analytics recently disclosed Ethereum's impressive performance in the first quarter of 2024, with earnings skyrocketing to $369 million, marking a remarkable threefold increase from the preceding quarter.

Of particular note is Ethereum's substantial growth in fees and revenues during this period, with fees surging by 79% and revenues by 85% compared to the prior quarter. The platform's total revenue from transaction fees surged to an astonishing $1.2 billion, reflecting a remarkable 155% increase from Q1 2023.

Throughout Q1 2024, Ethereum witnessed an astounding volume of over 107 million transactions, resulting in the creation of nearly 9.7 million new addresses. Furthermore, the total value locked within the Ethereum ecosystem experienced a significant surge, rising by 86% to reach an impressive $55.9 billion.

Rising Stablecoin Adoption

In addition to transaction fee revenue, Ethereum observed notable growth in the adoption of stablecoins. Tether maintained its position as the largest Ethereum-based stablecoin by market capitalization in Q1 2024, witnessing a 14% increase in market value compared to the preceding quarter. Meanwhile, USDC, its competitor, saw a 23% surge in ERC-20 market value during the same period.

Focus on Market Trends

Renowned crypto analysts at CrediBULL Crypto anticipate Ethereum to undergo a surge of three to four times its current value, aiming for a range of $15,000 to $20,000 by the conclusion of 2024. This optimistic outlook aligns with growing speculation that Ethereum may follow a trajectory akin to Bitcoin (BTC) before the hype surrounding its exchange-traded fund (ETF) approval.

Current Market Status

Presently, Ethereum is trading at $3,325, reflecting a marginal increase over the past 24 hours. However, trading volume has decreased by 29% to $14.6 billion, with a market capitalization of $399 billion.