As the second-largest cryptocurrency globally, Ethereum witnessed impressive growth in the last year, both in terms of market cap and daily trading volume.
According to data presented by AksjeBloggen.com, Ethereum’s daily trading volume hit $48.2bn this week, a 220% increase year-over-year.
Daily Trading Volume hit an All-Time High in January
As one of the first examples of how Bitcoin’s blockchain technology could be enhanced to new functions, Ethereum had gained a lot of attention since its creation five years ago.
In February 2019, the 24-hour trading volume of the world’s second-largest cryptocurrency amounted to $2.6bn, revealed the CoinMarketCap data. Over the next twelve months, this figure jumped by more than 470% and hit $14.9bn in February last year.
By the end of June 2020, Ethereum’s daily trading volume plunged to around $6bn. However, the second half of the year witnessed an increasing trend, with 24-hour trading volume rising to around $17bn in December.
The CoinMarketCap data show Ethereum hit an all-time high on January 4th with $66.8bn in daily trading volume. Although this figure slipped to $48.2bn in the second week of February, it still represents a $33.3bn increase year-over-year.
After peaking at $110.6bn on January 11th, Bitcoin’s daily trading volume hit $86bn this week, an 110% jump in a year.
Ethereum Daily Transactions Surged by 110% in a Year
Besides a significant increase in daily trading volume, Ethereum also witnessed a surge in daily transactions.
In February 2019, the average number of Ethereum daily transactions amounted to almost 541,500, revealed the CoinMetrics data. In the next twelve months, this figure rose to 620,400.
However, the number of transactions significantly increased in the second quarter of 2020, reaching 1.1 million in June, almost a 90% jump in six months. The increasing trend continued in the following months with the figure rising to over 1.2 million in December last year.
The CoinMetrics data show Ethereum transactions hit an all-time high in the first week of February and jumped by 110% YoY to over 1.3 million, 3.5 times more than its rival Bitcoin.
As the world’s leading cryptocurrency, Bitcoin witnessed a slight increase in the number of daily transactions in 2020, with the figure rising from 329,000 in January to over 338,000 in December. Statistics show that on February 2nd, Bitcoin was processed 363,400 times per day, 17% more than the same month a year ago.
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