Ether, an expensive but profitable cryptocurrency

Profits linked to the ether cryptocurrency tripled in the first quarter of 2024, from $119 million to $369 million year-on-year.

The Ethereum blockchain is often seen as secure but expensive. In the first quarter of the year, transaction fees remained high depending on the operations carried out (swap, NFT purchase, etc.). This allowed the Ethereum blockchain to be profitable.

Thus, revenue from transaction fees on the Ethereum blockchain increased by “$1.2 billion in the first quarter of 2024, a jump of 155% compared to the previous year,” specifies Cryptonews. Similarly, profits linked to the ether cryptocurrency tripled in the first quarter of 2024, from $119 million to $369 million year-on-year.

4.000 dollars

Obviously, this coincides with a surge in crypto prices, the transaction amounts being proportional to the prices of cryptocurrencies, so their volume has increased. As a reminder, the ether cryptocurrency reached $4,000 on March 11 and is trading this Tuesday, April 9 at 11:00 a.m. above $3,500.

The number of transactions also increased by 8% over the first three months of the year, with more than 100 million transactions recorded.

Clearly, ether benefited from the bitcoin spot ETF momentum, even if the arrival of an ether ETF is far from imminent. Indeed, the American stock market watchdog (the SEC) should rule by May 23 on the first ether spot ETF files. However, a battle seems to be underway between the SEC and several platforms over the legal qualification of ether, notably with Coinbase.