Ethereum’s token has continued trading above $3,400 into the new month, propelled by the upward momentum at the end of March. Ether made significant gains, revisiting January levels last week as the wider market rallied after an extended downturn.
Market Metrics
Market capital
The market capital of Ethereum grew by more than $70 billion last month after shrinking when the token price plunged to a monthly low of $2,455 on March 7.
Ethereum market capital chart
The descent extended until mid-month before the token set off on a run, surpassing a market capital figure of $400 billion by the end of March.
Ether supply
The total supply of Ether steadily rose – unsurprisingly – in March, consistent with the relative growth it recorded in the first two months of the year. At the start of March, the total supply of ETH sat at 118,318,790.14 and grew across the month to reach 118,653,539.13 Ether on March 31. Notably, the increase by 334,749 tokens was more than that recorded in both January and February – 56,511 ETH and 204,505 ETH, respectively.
Blockchain and Network metrics
Daily transactions
The number of total daily transactions recorded on the Ethereum network has hardly changed in significant measure. This pattern goes as far back as late October – the last time there were more than 1.5 million transactions on the blockchain in a day.
Ethereum daily transactions chart
The total transaction count was 1,161,564 on March 1 and kept fluctuating to that region’s upper and lower bounds until the end of the month. Blockchain analytics platform Etherscan shows 1,152,200 transactions were recorded on the last day of the month. The trough of the daily transaction (1,041,8271) was observed on March 13, while the peak (1,265,944) was seen on March 18.
Unique address
The count of unique addresses on Ethereum increased by 2,924,890 across March, reaching 192,187,686 addresses on the last day from 189,262,796 addresses at the start of the month.
The increase recorded in March beat the figure seen in February, a month that saw the sum change by 2,168,583. However, January is still the month with the most significant addition of Ethereum addresses this year –3,254,408 unique addresses.
Daily active addresses
The number of daily active addresses is one of the indicators of the intensity of activity on a network, and in March, Ethereum logged instances of the highest activity there has been since the turn of the year. 2022’s peak in active Ethereum addresses, 639,040, was set on March 18.
Ethereum active addresses chart
Notably, March also had three other instances of the daily active addresses growing past 600,000, which wasn’t observed in January or February. On March 10, there were 634,228 addresses, 629,493 on March 16, and 603,744 on March 22.
In the entirety of the month, the daily count fell below 500,000 addresses only once, touching the lowest figure of 495,372 active addresses on March 13. Activity on Ethereum slowed down in the last few days of the month, with 528,779 active addresses tracked on March 31.
Average transaction fee (USD)
For most of March, the average transaction fee stayed below $2.5, continuing the larger pattern of falling transaction fees on the largest smart contract platform.
There were, however, specific days on which the average figures climbed high, reaching as far as $6.43 on March 28. The average fee recorded on the preceding day was $6.36, marking the two days when users incurred the highest average costs to complete transactions.
Ethereum transaction fee chart
The lowest average transaction fee in March was $1.16, recorded on March 12, which is also the least there has been all year. The $16.29 average transaction fee seen on February 5 remains the year’s apex so far, with the closest other instance being less than half the figure.
Average network hash rate
Evident from records, the hash rate of the Ethereum network has been climbing, often seeking newer highs in consecutive months. In February, Ethereum set an all-time high in the network hash rate, reaching 1,028,233.45 GH/s on February 15. The all-time high figure was reset to 1,040,532.64 GH/s on March 25. The chain’s average lowest figure of 971,142.73 GH/s was seen on March 7.
DeFi
Market share
Ethereum retained its top spot in market share among competing chains. For the entirety of March, its market share was tethered at around 55%. On March 1, its dominance was 54.70%, which rose to 55.91% by March 7.
Ethereum flip-flopped before recording the largest share on March 28 – 56.13%. By the end of the month, the chain had a 55.11% proportion. Markedly, the market share in March was much more stable than both January and February, months that recorded significant dips. Across the first two months, Ethereum lost up to 6.24% of its market share.
Total Value Locked (TVL)
Ethereum’s total value locked is an aggregation of the total value locked on its blockchain and on its scaling solutions. Ethereum’ subchain’ holds the bulk of the value tied to the larger Ethereum ecosystem. Its TVL grew by $14 billion across March, from $112.86 billion on March 1 to $126.87 billion on March 31.
Reflective of the broader Ethereum ecosystem, the Ethereum subchain printed an upsurge post-mid-March as its TVL grew by 19.8% upsurge starting March 14 to the last day of the month. Ethereum scaler Arbitrum was the only other contributor with a TVL above $2 billion in March, though it slightly slid below this mark in rare occurrences. Despite incurring a 4.93% decline in the one-month change reaching March 31, it had a TVL of $2.05 billion.
To learn more about Ethereum, visit our Investing in Ethereum guide.
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