Ethereum fees, charged for user transactions when making a payment, increased 155% compared to Q1 2023 since the figure jumped to $1.17 billion. This is higher than the revenue of the previous quarter, that is 80% more than its figure of $900 million.

 Ethereum was introduced to the market in 2015 but gained a profitable year in 2023, yielding $623 million in profits. Nadeau credited the network’s becoming more decentralized and having lower Flipping Fees to the change to Proof-of-Stake Validators in September 2022, which greatly reduced the incentive payments to 20% of the original value per block.

Nadeau noted that Bitcoin and Ether tend to be “quite correlated,” with Bitcoin outperforming early in bull markets as the most recognizable cryptocurrency. In contrast, Ether and altcoins tend to outperform in the later stages of the cycle.