Cryptocurrencies continue their impressive growth in 2020, gaining more and more attention from investors in times of economic uncertainty caused by the COVID-19 outbreak.
According to data presented by AksjeBloggen.com, the market capitalization of the world's second largest cryptocurrency, Ethereum, has climbed 213% since the start of the year to $ 44.3 billion, an increase of 2. 5 times larger than the main cryptocurrency Bitcoin.
Almost 250% jumps after COVID-19 crash
After an impressive performance in the first two months of 2020, Ethereum's market cap fell 58% in the second week of March, falling to $ 12.7 billion, data from CoinMarketCap revealed. However, the price of the world's second largest cryptocurrency rebounded quickly, with market capitalization rising to $ 25.1 billion in the second quarter of 2020. Statistics show that the uptrend continued in the third. quarter of the year, with the combined value of all Ethereum coins peaking at $ 53.5 billion in September, a 102% jump in three months. Although last month saw a slight decline, with market cap slipping to $ 44.3 billion, that value still represents a 250% jump after the March crash.
As the world's largest cryptocurrency, Bitcoin has seen an 86% increase in market capitalization since the start of the year. As of January, the combined value of all Bitcoin circulating in the crypto space was $ 130.54 billion. After falling sharply to around $ 90 billion in March, that figure rose to $ 176.2 billion in June, a 95% jump in three months. Statistics show that the market capitalization of the world's leading digital currency rose to $ 245 billion at the end of last week.
For its part, XRP, the third largest cryptocurrency in the world, saw a 32% increase in market capitalization in 2020, with the figure rising from $ 8.4 billion in January to $ 11.1 billion a year. last week.
Ethereum Reached Over One Million Daily Transactions In Q3 2020
Besides an increase in market capitalization, Ethereum has also seen a significant increase in daily transactions around the world. In the first quarter of 2020, the average number of Ethereum daily transactions stood at 537,900, BitInfoCharts data revealed. Over the next three months, that figure dropped 14% to 463,100. However, at the end of the third quarter of 2020, there were over a million Ethereum transactions recorded daily globally, an increase of 100 % since the beginning of the year.
