Why Ethereum Price Up 1.20% Today as ETH Trades At $2,695?
The price of Ethereum (ETH) today is No data found for ethereum on 49 mins ago as of No data found for ethereum on 49 mins ago. Ether prices hit a daily high of No data found for ethereum on 49 mins ago today after dropping No data found for ethereum on 49 mins ago% on October 21.
Ethereum Price is Down Today: Why?
The Ethereum price trades at $2,713 after dropping 1.20% in the early Asian session on October 21, 2024, Monday. The ongoing price correction could be driven by profit-taking after Ether’s price shot up 3.73% on Sunday. BTC’s short-term slip also influences ETH as it trades just under the $70,000 psychological level.
Ethereum Price Charts
*Ethereum price updated as of No data found for ethereum on 49 mins ago.
Ethereum has been a popular altcoin due to its innovative smart contract technology since its launch in 2015. Due to this, the Ethereum blockchain receives major network upgrades that keep it at the forefront of smart contract technology. Cancun was the last update that occurred on March 13, 2024.
Ethereum Price History
The year-to-date (YTD) performance of ETH is 18.27% as of October 21, 2024, i.e., if you invested $10,000 in ETH on January 1, 2024, the portfolio, after 295 days, would be worth nearly $10,100. Regardless of Ethereum’s lackluster performance and volatility, the market capitalization of ETH stands at No data found for ethereum on 49 mins ago.
Ethereum Market Cap: The Second-Largest Cryptocurrency
The market capitalization of Ethereum is No data found for ethereum on 49 mins ago, making it the second-largest asset next to Bitcoin’s (BTC) $1.15 trillion. Together, these two assets constitute 83% of the crypto markets. From its all-time high (ATH) of $571 billion on November 9, 2021, Ether’s market capitalization has slashed in half.
Still, Ethereum towers over other popular cryptocurrencies like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $63 billion and $30 billion, respectively. It is interesting to note that popular US companies like Adobe, Chevron, and AMD have lower market capitalization compared to Ethereum.
Despite this drop, the 24-hour trading volume of Ethereum is No data found for ethereum on 49 mins ago.
Ethereum Trading Volume
The 24-hour trading volume of Ethereum is No data found for ethereum on 49 mins ago. Binance contributes about 11% to this metric, followed by exchanges like OKX, Bitget, etc. Popular cryptocurrencies like SOL, XRP, and BNB have at least seven times lower trading volume than ETH.
Ethereum Blockchain Upgrade to PoS
One major Ethereum blockchain upgrade that stands out more than the rest is the London hard fork since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Vitalik Buterin, the co-founder of Ethereum, recently posted on X (formerly Twitter) on how PoS is more decentralized than PoW.
No, this is a d*ck. pic.twitter.com/HGdLsheEzi
— vitalik.eth (@VitalikButerin) September 12, 2024
Ethereum Blockchain Upgrades in The Last 5 Years
Here are some of the major milestone upgrades that the Ethereum network faced in the past 5 years.
2024
Cancun-Deneb (“Dencun”)
2023
Shanghai-Capella (“Shapella”)
2022
Paris (The Merge)
Bellatrix
Gray Glacier
2021
Arrow Glacier
Altair
London
Berlin
2020
Beacon Chain genesis
Staking deposit contract deployed
Muir Glacier
Ethereum Gas Price Influence
The three core principles or reasons to upgrade the Ethereum blockchain are to address the blockchain trilemma – decentralization, security, and scalability. This switch to PoS focused on improving Ethereum’s decentralization, security, and scalability. After the PoS chain was enabled, the gas fees on Ethereum have dropped drastically and attracted more investors.
As of October 21, the gas fee for a transaction on the ETH network as of No data found for ethereum on 49 mins ago is 8.104 Gwei.
Gwei is a unit of gas measure, similar to tax, that needs to be paid for securely transacting on the Ethereum blockchain.
If the value on chain has increased and presents an opportunity, it could attract investors, pushing gas fees higher. This type of activity often happens during the bull run and hits a peak when prices hit new all-time highs.
Ethereum Price Prediction & Trends
Despite the slow downtrend in Bitcoin, the recent uptick toward $69K is a good shift in momentum for BTC. However, Ethereum’s price performance in 2024 is nothing short of a disappointment for many investors.
Ethereum prices 2024
As of ‘October 21, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at YTD data unavailable for ethereum on 49 mins ago
3-month returns:
DIA +216%
CELO +62%
RAY +56%
FTT +52%
SUPER +48%
YTD returns:
BTC +55.14%
SOL +53.07%
SUI +148.46%
ETH +18.27%
APT +2.35%
TIA -57.65%
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