Ethereum growth: Why it’s the perfect time to enter the crypto world
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If you have been keen to join the virtual currency space, this may be the perfect time to jump on the bandwagon as the world of cryptocurrency has lately been remarkably booming.
The second-largest cryptocurrency Ethereum has seen impressive growth since the beginning of the year. It shows signs of surpassing the world’s leading cryptocurrency, Bitcoin, and many are convinced this newly emerging type of investment is the future.
According to data presented by AksejeBloggen.com, 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. Ethereum price surged by a remarkable 230%.
It is reported that Ethereum transactions per day increased by 610,000 between June and September, a 131% jump in three months.
Bitcoin 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.
The booming trend saw the combined value of all Ethereum coins in circulation spike at $53.8bn in September, a 102% jump in three months, while 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.