Ethereum
Ethereum generated more revenue than Robinhood and Etsy in the first quarter
Alex Dovbnya
Ethereum-based applications generated revenue comparable to large public companies in the first quarter
Read U.TODAY on
Google News
Ryan Rasmussen, principal researcher at Bitwise Asset Management, note that Ethereum, the second largest blockchain network, managed to generate more revenue than large public companies like Etsy, Yelp and Reddit in the first quarter of 2021.
According to data provided by Coin98 Analytics, Ethereum reached record transaction fee revenue of approximately $1.2 billion. This represents an increase of 79% compared to the previous quarter.
Ethereum transaction fees saw a significant rise in March due to the significant market rally that took place during that month. Bitcoin has reached its current all-time high of $73,737, while the flagship altcoin has also neared its all-time high of $4,878, recorded over two years ago.
Ether is also expected to end the second quarter on a good note due to the approval of cash exchange-traded funds in the United States
$22,000 by the end of the decade?
American investment management firm VanEck recently predicted that the price of the leading altcoin could potentially reach a whopping $22,000 by the end of this decade.
For Ether to achieve this ambitious goal, the network must become cheaper and more efficient.
Last year, VanEck predicted that Ethereum revenue could potentially reach $51 billion at an annual rate in 2030, which is its base case scenario. Its bullish budget amounts to $136 billion.
The company considers transaction fees, including tipping fees, as a revenue line.
VanEck also predicted that Ethereum could eventually become a store of value asset, evolving beyond just a transactional currency. This could potentially add “security as a service” (SaaS) as a new revenue element.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.