Ethereum is currently having its best quarter ever, which may come as a surprise since this cryptocurrency has been around since 2016. According to data provided by cryptocurrency analytics firm CoinGlass, ETH has now risen over 80% in the current quarter.
This coin has significantly outperformed Bitcoin, which only increased by 10% in the current quarter. According to Tom Lee of Fundstrat, he previously stated that Bitcoin is experiencing a 'Bitcoin moment of 2017.'
Outperforming 'DeFi Summer'
Q3 had the previous best performance of the cryptocurrency recorded in 2020. At that time, this cryptocurrency surged by 59.5%.
This event took place in the context known as 'DeFi Summer,' when leading altcoins benefited from the rapid growth of the decentralized finance sector.
Yield farming activities have reignited interest in Ethereum, with the network's TVL soaring by 380% compared to the previous quarter.
Worst Quarter for Ethereum
The worst quarter for cryptocurrency so far was recorded in 2018. At that time, the cryptocurrency plummeted by 49% amid a general collapse of the cryptocurrency market. At that time, ETH was particularly hard-hit following the ICO collapse.
This network also faces some other issues, such as an extremely low adoption rate for decentralized applications (dApps) as well as persistent scalability problems.
Best Quarter Ever
Ethereum had its best quarter ever in early 2017 with a growth of 518%. This marked the beginning of the ICO frenzy when a multitude of projects started issuing their own ERC-20 tokens to raise funds. This cryptocurrency is attracting attention from both developers and institutions. Of course, such a spike in a quarter is very difficult to achieve as Ethereum's market cap currently stands at $539 billion.
