Ethereum market cap soars over 200 per cent YTD to USD44.3 billion

According to data presented by AksjeBloggen.com, the market capitalisation of the world's second-largest crypto coin, ethereum, has soared by 213 per cent YTD to USD44.3 billion, a 2.5 times bigger increase than the leading cryptocurrency bitcoin.

After an impressive performance in the first two months of 2020, ethereum market capitalisation slumped by 58 per cent in the second week of March, falling to USD12.7 billion, revealed the CoinMarketCap data.

However, the price of the world's second-largest crypto coin quickly bounced back, with market cap recovering to USD25.1 billion 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 USD53.5 billion in September, a 102 per cent jump in three months. Although the last month witnessed a slight decrease, with the market capitalisation slipping to USD44.3 billion, this value still represents a 250 per cent jump after the crash in March.

As the world's leading cryptocurrency, Bitcoin witnessed an 86 per cent increase in market capitalisation since the beginning of the year. In January, the combined value of all Bitcoins circulating in the crypto space amounted to USD130.54 billion. After a sharp fall to around USD90 billion in March, this figure surged to USD176.2 billion in June, a 95 per cent jump in three months. Statistics show the market cap of the leading digital currency globally rose to USD245 billion at the end of last week.

XRP, the third-largest cryptocurrency globally, witnessed a 32 per cent increase in market capitalisation in 2020, with the figure rising from USD8.4 billion in January to USD11.1 billion last week.

Besides a surge in market capitalisation, 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 per cent 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 per cent increase since the beginning of the year.