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Ethereum generated more revenue than Robinhood and Etsy in the first quarter
Alex Dovbnja
Ethereum-based apps produced revenue on par with major public companies in the first quarter
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Ryan Rasmussen, senior researcher at Bitwise Asset Management, did noticed that Ethereum, the second largest blockchain network, managed to generate more revenue than major public companies such as Etsy, Yelp, and Reddit in the first quarter of 2021.
According to data provided by Coin98 Analytics, Ethereum reached up record transaction fee revenues of approximately $1.2 billion. This marked a 79% increase from the previous quarter.
Ethereum transaction fees saw a significant increase in March due to the strong market rally that occurred during that month. Bitcoin has reached its current all-time high of $73,737, while the flagship altcoin has also come close to its all-time high of $4,878, recorded more than two years ago.
Ether is also likely to end the second quarter on a positive note due to the rally approval of spot exchange-traded funds in the United States
$22,000 by the end of the decade?
American investment management firm VanEck recently predicted that the price of the leading altcoin could potentially reach a whopping $22,000 by the end of this decade.
For Ether to achieve this ambitious goal, the network must become cheaper and more efficient.
Last year, VanEck expected that Ethereum revenue could potentially grow to $51 billion on an annual rate in 2030, which is its base case scenario. Its bull case is $136 billion.
The company counts transaction fees, including tips, as a revenue line.
VanEck also predicted that Ethereum could end up becoming a store-of-value asset, evolving beyond just a transaction currency. This could potentially add “Security as a Service” (SaaS) as a new revenue item.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.