Ethereum

2024

Reddit

Coin98

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Ryan Rasmussen, a senior researcher at Bitwise Asset Management, has&nbsp;<a href="https://x.com/RasterlyRock/status/1800208544391975132" rel="noopener noreferrer nofollow">noted</a> that Ethereum, the second-largest blockchain network, managed to generate more revenue than major public companies of the likes of Etsy, Yelp, and Reddit in the first quarter of 2021 .&nbsp;
<blockquote>
 Ethereum generated more revenue than Robinhood, Etsy, Yelp and Reddit in Q1 2024.Probably nothing. <a href="https://t.co/OYYWrYvdZx" rel="noopener noreferrer nofollow">https://t.co/OYYWrYvdZx</a>— Ryan Rasmussen (@RasterlyRock) <a href="https://twitter.com/RasterlyRock/status/1800208544391975132?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 10, 2024</a>
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According to data provided by Coin98 Analytics, Ethereum <a href="https://x.com/Coin98Analytics/status/1775391086317568439?s=20" rel="noopener noreferrer nofollow">achieved</a> record transaction fee revenue of roughly $1.2 billion. This marked a 79% increase compared to the previous quarter.&nbsp;
Ethereum's transaction fees recorded a significant uptick in March due to the major market rally that took place during that month. Bitcoin hit its current all-time high of $73,737 while the flagship altcoin also approached its all-time peak of $4,878 which was logged more than two years ago.&nbsp;
Ether is likely to end the second quarter on a high note as well due to the&nbsp;<a href="https://u.today/ethereum-etf-marks-historic-shift-says-vaneck-ceo" rel="noopener noreferrer nofollow">approval</a> of spot exchange-traded funds in the U.S.&nbsp;
<h2 id="22k-by-the-end-of-the-decade">$22K by the end of the decade?&nbsp;</h2>
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.&nbsp;
For Ether to achieve this pie-in-the-sky target, the network has to become cheaper and more efficient.&nbsp;
Last year, VanEck&nbsp;<a href="https://www.vaneck.com/es/en/blog/digital-assets/a-potential-valuation-methodology-for-ethereum/" rel="noopener noreferrer nofollow">predicted</a> that Ethereum's revenue could potentially grow to $51 billion on an annual rate in 2030, which is its base case. Its bull case is $136 billion.&nbsp;&nbsp;
The company counts transaction fees, including the tip fee, as a revenue line.
VanEck has also predicted that Ethereum could end up becoming a store-of-value asset, evolving beyond merely a transactional currency. This could potentially add “Security as a Service” (SaaS) as a new revenue item.&nbsp;

Ethereum Generated More Revenue Than Robinhood and Etsy in Q1

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