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Cryptocurrencies continue their impressive growth in 2020, attracting more and more investor attention in times of economic uncertainty caused by the COVID-19 epidemic.
According to data presented by AksjeBloggen.com, the market capitalization of the world’s second largest cryptocurrency, Ethereum, has increased by 213% year to date to $ 44.3 billion, 2.5 times greater than the leading cryptocurrency Bitcoin.
Almost 250% of jumps after the COVID-19 incident
After an impressive performance in the first two months of 2020, Ethereum’s market cap plummeted 58% in the second week of March, dropping to $ 12.7 billion, CoinMarketCap data revealed.
However, the price of the second largest cryptocurrency in the world quickly rebounded, with the market cap climbing back to $ 25.1 billion in the second quarter of 2020. Statistics show that the upward trend continued into the third quarter of the year. , with the combined value of all Ethereum coins peaked at $ 53.5 billion in September, a jump of 102% in three months. Although the last month has seen a slight decline, with market cap slipping to $ 44.3 billion, this still represents a 250% jump after the March slump.
As the world’s leading cryptocurrency, Bitcoin has seen an 86% increase in market capitalization since the start of the year. In January, the combined value of all Bitcoins circulating in the crypto space was $ 130.54 billion. After a sharp decline 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 leading digital currency globally rose to $ 245 billion at the end of last week.
XRP, the third largest cryptocurrency globally, saw a 32% increase in market capitalization in 2020, with a figure that jumped from $ 8.4 billion in January to $ 11.1 billion last week.
Ethereum reached over 1 million daily transactions in the third quarter of 2020
In addition to an increase in market capitalization, Ethereum has also witnessed a significant increase in daily transactions around the world. In the first quarter of 2020, Ethereum’s average number of daily transactions stood at 537,900, BitInfoCharts data revealed. Over the next three months, this figure dropped 14% to 463,100.
However, as of the end of the third quarter of 2020, there were more than one million Ethereum transactions recorded daily worldwide, a 100% increase since the beginning of the year.
