Flagship altcoin Ethereum (ETH) is at the moment having its greatest quarter ever, which could come as a shock contemplating that the cryptocurrency has been round since 2016.
In accordance with knowledge offered by cryptocurrency analytics agency CoinGlass, ETH is at the moment up by greater than 80% throughout the present quarter.
It has considerably outperformed Bitcoin, which has thus far added solely 10% throughout the present quarter.
As reported by U.Right this moment, Fundstrat’s Tom Lee beforehand claimed that Bitcoin is having its “Bitcoin 2017 second.”
Outperforming “DeFi summer season”
The cryptocurrency’s earlier best-performing Q3 was logged in 2020. Again then, the cryptocurrency spiked by 59.5%.
This got here amid the so-called “DeFi summer season,” when the highest altcoin benefited from the speedy development of the decentralized finance sector.
Yield farming reignited curiosity in Ethereum, with the community’s complete worth locked (TVL) hovering by a whopping 380% in comparison with the earlier quarter.
Ethereum’s worst Q3 up to now
The cryptocurrency’s worst Q3 up to now was recorded in 2018. Again then, the cryptocurrency nosedived by a staggering 49% amid a broader crypto market crash.
Again then, ETH was hit notably onerous following the implosion of the preliminary coin providing (ICO) sector.
The community was suffering from a number of different points, comparable to extraordinarily low adoption charges for decentralized purposes (dApps), in addition to persistent scalability points.
Finest quarter ever
Ethereum had its greatest quarter ever in early 2017 with a 518% improve. This marked the beginning of the ICO bonanza when a slew of initiatives began issuing their very own ERC-20 tokens to boost capital. The cryptocurrency was gaining traction with builders in addition to establishments.
Such a large quarterly surge, in fact, is extremely unlikely provided that Ethereum’s market capitalization at the moment stands at $539 billion.
