- ETH’s captured value remained high in the second quarter.
- Some numbers pointed to a possible bull rally in the coming days.
The first quarter of 2024 witnessed a lot of volatility in the market, as the top coins want Ethereum [ETH] And Bitcoin [BTC] recorded massive rallies.
Aside from the price action, things were also looking quite optimistic for Ethereum in terms of revenue.
Ethereum’s first quarterly report is here!
Coin98 Analytics, a data analytics platform, recently posted tweet highlighting the Q1 report from the king of altcoins. The report noted the state of the blockchain on several fronts.
To begin with, Ethereum witnessed promising growth in terms of revenue in the first quarter.
Blockchain fees and revenues increased nearly 1.8 times quarter-on-quarter (QoQ), while revenues tripled QoQ.
The total number of holders of the token reached 114.69 million, which was a growth of more than 5% quarter-on-quarter. Thanks to the first quarter bull rally, ETH’s circulating market capitalization increased by 48% and exceeded 350 billion.
ano interesting stats on ETH’s P/F ratio. Simply put, a decline in the benchmark usually means an asset is undervalued.
ETH’s P/F ratio fell by more than 34%, which can be interpreted as a bullish signal.
What can we expect in the second quarter?
Since ETH’s P/F ratio dropped significantly, AMBCrypto planned to check ETH’s metrics to see if we could expect its price to rise in the coming days.
Our analysis of CryptoQuant’s facts revealed that ETH’s exchange reserve fell, meaning selling pressure on the token was low.
Moreover, transaction volume and total number of transactions have also increased in the past 24 hours.
Source: CryptoQuant
Things also looked optimistic on the derivatives market. ETH’s funding rate was green, indicating that long position traders were dominant and willing to pay short position traders.
Furthermore, ETH’s Taker Buy Sell Ratio was also green. This meant that buying sentiment was dominant in the derivatives market.
According to CoinMarketCapAt the time of writing, ETH had risen marginally and was trading at $3,319.92 with a market cap of over $398 billion.
Source: CryptoQuant
Read Ethereums [ETH] Price prediction 2024-25
Similar to the price action, ETH’s value also remained on the higher side in the second quarter. AMBCrypto’s analysis of Artemis’ facts revealed that ETH fees rose sharply last week.
Sales followed a similar upward trend, marking an optimistic start to the second quarter of 2024.
Source: Artemis