Ethereum was the most traded cryptocurrency in Q3 2020 with 1.1m average daily transactions, 3.5x more than bitcoin – HedgeWeek

As the world's second-largest cryptocurrency, ethereum witnessed impressive growth in 2020. Since the beginning of the year, the ctyptocurrency's price price surged by a remarkable 230 per cent, drawing more and more attention from investors in times of economic uncertainty caused by the Covid-19 outbreak.

According to data presented by AksjeBloggen.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.

As the world's leading cryptocurrency, 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 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.

Statistics show the number of ethereum transactions per day increased by 610,000 between June and September, a 131 per cent jump in three months.

Besides impressive growth in price and the number of transactions, ethereum also witnessed a surge in market cap since the beginning of the year.

In December 2019, the combined value of all ethereum coins amounted to USD14.3 billion, revealed the CoinMarketCap data. After peaking at USD30.8 billion in February, Ethereum market capitalisation slumped by 58 per cent to USD12.7 billion in the second week of March.

However, the world's second-largest crypto coin quickly bounced back, with market cap recovering to USD25.2 billion in June.

The increasing trend continued in the third quarter of 2020, with the combined value of all ethereum coins in circulation peaking at USD53.8 billion in September, a 102 per cent jump in three months. Statistics show the market cap of the world's second-largest cryptocurrency stood at USD50 billion at the end of last week, almost 150 per cent jump year-on-year.

Visit link:
Ethereum was the most traded cryptocurrency in Q3 2020 with 1.1m average daily transactions, 3.5x more than bitcoin - HedgeWeek