Ethereum (ETH) Having Its Best Q3 Ever

Flagship altcoin Ethereum (ETH) is currently having its best quarter ever, which might come as a surprise considering that the cryptocurrency has been around since 2016.

According to data provided by cryptocurrency analytics firm CoinGlass, ETH is currently up by more than 80% during the current quarter. 

It has substantially outperformed Bitcoin, which has so far added only 10% during the current quarter. 

As reported by U.Today, Fundstrat’s Tom Lee previously claimed that Bitcoin is having its “Bitcoin 2017 moment.” 

Outperforming “DeFi summer”

The cryptocurrency’s previous best-performing Q3 was logged in 2020. Back then, the cryptocurrency spiked by 59.5%.  

This came amid the so-called “DeFi summer,” when the top altcoin benefited from the rapid growth of the decentralized finance sector.

Yield farming reignited interest in Ethereum, with the network’s total value locked (TVL) soaring by a whopping 380% compared to the previous quarter. 

Ethereum’s worst Q3 to date 

The cryptocurrency’s worst Q3 to date was recorded in 2018. Back then, the cryptocurrency nosedived by a staggering 49% amid a broader crypto market crash. 

Back then, ETH was hit particularly hard following the implosion of the initial coin offering (ICO) sector. 

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The network was plagued by several other issues, such as extremely low adoption rates for decentralized applications (dApps), as well as persistent scalability issues. 

Best quarter ever 

Ethereum had its best quarter ever in early 2017 with a 518% increase. This marked the start of the ICO bonanza when a slew of projects started issuing their own ERC-20 tokens to raise capital. The cryptocurrency was gaining traction with developers as well as institutions. 

Such a massive quarterly surge, of course, is highly unlikely given that Ethereum’s market capitalization currently stands at $539 billion.