Cryptocurrencies continue their impressive growth in 2020, 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 the market capitalization of the world’s second-largest crypto coin, Ethereum, soared by 213% YTD to $44.3bn, 2.5 times bigger increase than the leading cryptocurrency Bitcoin.
Almost 250% Jump After the COVID-19 Crash
After an impressive performance in the first two months of 2020, Ethereum market capitalization slumped by 58% in the second week of March, falling to $12.7bn, revealed the CoinMarketCap data.
However, the price of the world’s second-largest crypto coin quickly bounced back, with market cap recovering to $25.1bn in the second quarter of 2020. Statistics show the increasing trend continued in the third quarter of the year, with the combined value of all Ethereum coins peaking at $53.5bn in September, a 102% jump in three months. Although the last month witnessed a slight decrease, with the market capitalization slipping to $44.3bn, this value still represents a 250% jump after the crash in March.
As the world’s leading cryptocurrency, Bitcoin witnessed an 86% increase in market capitalization since the beginning of the year. In January, the combined value of all Bitcoins circulating in the crypto space amounted to $130.54bn. After a sharp fall to around $90bn in March, this figure surged to $176.2bn in June, a 95% jump in three months. Statistics show the market cap of the leading digital currency globally rose to $245bn at the end of last week.
XRP, the third-largest cryptocurrency globally, witnessed a 32% increase in market capitalization in 2020, with the figure rising from $8.4bn in January to $11.1bn last week.
Ethereum Hit Over 1 Million Daily Transactions in Q3 2020
Besides a surge in market capitalization, Ethereum also witnessed a significant increase in daily transactions worldwide. In the first quarter of 2020, the average number of daily Ethereum transactions amounted to 537,900, revealed the BitInfoCharts data. Over the next three months, this figure dropped by 14% to 463,100.
However, at the end of the third quarter of 2020, there were more than a million Ethereum transactions recorded daily worldwide, a 100% increase since the beginning of the year.