- ETH’s captured value remained high in Q2.
- A few metrics hinted at a possible bull rally in coming days.
The first quarter of 2024 witnessed much volatility in the market, as top coins like Ethereum [ETH] and Bitcoin [BTC] registered massive rallies.
Apart from price action, things for Ethereum also looked pretty optimistic in terms of revenue.
Ethereum’s Q1 report is here!
Coin98 Analytics, a data analytics platform, recently posted a tweet highlighting the king of altcoins’ Q1 report. The report mentioned the blockchain’s state on multiple fronts.
To begin with, Ethereum witnessed promising growth in terms of income in the first quarter.
The blockchain’s fees and revenue increased nearly 1.8 times quarter-on-quarter (QoQ), while its earnings tripled QoQ.
The token’s total number of holders reached 114.69 million, which was over 5% growth QoQ. Thanks to the bull rally in Q1, ETH’s circulating market cap increased by 48% and exceeded 350 billion.
Another interesting stat about ETH’s P/F ratio. Put simply, a drop in the metric generally means that an asset is undervalued.
ETH’s P/F ratio dropped by more than 34%, which can be interpreted as a bullish signal.
What can we expect in Q2?
Since ETH’s P/F ratio dropped substantially, AMBCrypto planned to check ETH’s metrics to see whether we could expect its price to move up in the coming days.
Our analysis of CryptoQuant’s data revealed that ETH’s exchange reserve was dropping, meaning that selling pressure on the token was low.
Additionally, its transaction volume and total number of transactions also increased in the last 24 hours.
Things in the derivatives market also looked optimistic. ETH’s Funding Rate was green, indicating that long-position traders were dominant and were willing to pay short-position traders.
On top of that, ETH’s Taker Buy Sell Ratio was also green. That meant that buying sentiment was dominant in the derivatives market.
According to CoinMarketCap, at the time of writing, ETH had moved marginally up and was trading at $3,319.92 with a market cap of over $398 billion.
Read Ethereum’s [ETH] Price Prediction 2024-25
Like price action, ETH’s captured value also remained towards the higher side in Q2. AMBCrypto’s analysis of Artemis’ data revealed that ETH’s fees increased sharply last week.
Its revenue followed a similar increasing trend, marking an optimistic start to Q2 2024.
Powered by WPeMatico