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Ethereum Witnesses Impressive Growth, Price Surge of 230% in 2020

Blockchain: How To Invest In Ethereum In Nigeria

Ethereum; the world’s second-largest cryptocurrency witnessed an impressive growth in 2020. Since the beginning of the year, Ethereum’s price surged by a remarkable 230%, drawing more and more attention from investors in times of economic uncertainty caused by the COVID-19 outbreak.

According to data reviewed, Ethereum was the most traded cryptocurrency in the third quarter of 2020, with 1.1 million average daily transactions, 3.5 times more than Bitcoin.

Daily Transactions Surged by 131% in Three Months
Bitcoin the world’s leading cryptocurrency witnessed over 319,000 average daily transactions between June and September, revealed the CoinMetrics data. Other leading cryptocurrencies saw less than a tenth of the daily volume of Ethereum. Litecoin ranked third with 56,000 average transactions per day in this period. Dash, Bitcoin Cash, and Monero followed with 25,100, 17,200, and 12,000 daily transactions, respectively.

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The BitInfoCharts data revealed the number of Ethereum transactions jumped significantly since the beginning of the year. In the first quarter of 2020, the number of average daily transactions amounted to 537,900. After a slight drop to 463,100 in March, transactions continued rising in the following months.

Statistics show the number of Ethereum transactions per day increased by 610,000 between June and September, a 131% jump in three months.

Ethereum Market Cap Hit Over $50bn, Almost 150% Jump YoY
Besides impressive growth in price and the number of transactions, Ethereum also witnessed a surge in market cap since the beginning of the year.

In December 2019, the combined value of all Ethereum coins amounted to $14.3bn, revealed the CoinMarketCap data. After peaking at $30.8bn in February, Ethereum market capitalization slumped by 58% to $12.7bn in the second week of March.

However, the world’s second-largest crypto coin quickly bounced back, with market cap recovering to $25.2bn in June.

The increasing trend continued in the third quarter of 2020, with the combined value of all Ethereum coins in circulation peaking at $53.8bn in September, a 102% jump in three months. Statistics show the market cap of the world’s second-largest cryptocurrency stood at $50bn at the end of last week, almost 150% jump year-over-year.

About Author

Aina Adepeju is a Mass Communication graduate. She loves photography, she is a Member of the Nigerian Institute of Public Relations (NIPR) and Advertising Practitioners Council of Nigeria (APCON). Adepeju can be reached via [email protected]

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