Why Ethereum Price Up 1.20% Today as ETH Trades At $2,695?

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As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen my fair share of rollercoaster rides. Today, looking at Ethereum (ETH), it seems we’re on another one of those ups and downs. The price drop today might be a bit disheartening for some investors, but remember, cryptocurrencies are known for their volatility, and it’s all part of the game.

Currently, the price of Ethereum (ETH) is not available as it was checked 4 seconds ago. However, Ether prices reached a new daily high just now following a 0% drop on October 21.

Ethereum Price is Down Today: Why?

On October 21, 2024, Monday, the value of Ethereum is currently at $2,713 following a 1.20% decrease in the early Asian session. This decrease could be due to investors cashing out after Ether’s price surge by 3.73% the previous day. The recent downtrend in Bitcoin, hovering near the significant $70,000 mark, may also have an impact on Ethereum’s short-term performance.

Ethereum Price Charts

*Ethereum price updated as of No data found for ethereum on 4 seconds ago.

Since its debut in 2015, Ethereum has gained popularity due to its groundbreaking smart contract technology, which sets it apart as an altcoin. As a result of this innovation, the Ethereum blockchain consistently undergoes significant upgrades, positioning it as a leader in smart contract development. The most recent upgrade, known as Cancun, took place on March 13, 2024.

Ethereum Price History

As of October 21, 2024, Ethereum (ETH) has shown a year-to-date growth of approximately 18.27%. This means that if you had invested $10,000 in ETH on January 1, 2024, your investment would have grown to close to $10,100 after 295 days. Despite Ethereum’s fluctuating performance and volatility, its current market capitalization remains substantial, though the exact figure is temporarily unavailable.

Ethereum Market Cap: The Second-Largest Cryptocurrency

Four seconds ago, Ethereum’s market cap was unavailable, placing it as the second most valuable cryptocurrency behind Bitcoin, which stands at approximately $1.15 trillion. These two assets account for around 83% of the entire crypto market. Since its record high of $571 billion on November 9, 2021, Ethereum’s market cap has been reduced by half.

Nonetheless, Ethereum remains a dominant player in the cryptocurrency sphere, surpassing others such as Solana (SOL) and Ripple (XRP) whose market values are approximately $63 billion and $30 billion each. It’s worth mentioning that well-known American corporations like Adobe, Chevron, and AMD have smaller market capitalizations than Ethereum.

Although there was a decrease, the 24-hour trading volume of Ethereum at present moment (within the last 4 seconds) appears to be unavailable or not detected.

Ethereum Trading Volume

At the moment four seconds back, there was no data available regarding Ethereum’s 24-hour trading volume. However, Binance accounts for approximately 11% of this figure, with other exchanges such as OKX and Bitget also contributing significantly. Notably, well-known cryptocurrencies like Solana (SOL), Ripple (XRP), and Binance Coin (BNB) have trading volumes that are at least seven times smaller than Ethereum’s.

Ethereum Blockchain Upgrade to PoS

One significant update for the Ethereum blockchain that has garnered notable attention over others is the London hard fork, as it transitioned the network from Proof-of-Work (mining) to Proof-of-Stake (staking). Vitalik Buterin, one of the co-founders of Ethereum, recently shared on platform X (previously known as Twitter) that the Proof-of-Stake model is more decentralized compared to the Proof-of-Work model.

No, this is a d*ck.

— 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 main objectives or rationales for enhancing the Ethereum blockchain are to tackle the blockchain trilemma, which encompasses three key aspects: decentralization, security, and scalability. The shift towards Proof of Stake (PoS) was primarily aimed at boosting Ethereum’s strengths in these areas. Once PoS was activated, gas fees on Ethereum significantly decreased, thereby drawing in more investors.

Currently, as of October 21st, it costs approximately 8.104 Gwei to process a transaction on the Ethereum network. (For reference, “Gwei” is a denomination of Ether, the native cryptocurrency of the Ethereum blockchain.)

Gwei serves as a measurement for gas, much like a fee or tax, that must be compensated when executing transactions in a secure manner within the Ethereum blockchain system.

If the worth linked to the blockchain rises significantly, it might entice investors, potentially escalating gas costs. Such occurrences frequently take place during market uptrends (bull runs), reaching their zenith as prices reach unprecedented record highs.

Ethereum Price Prediction & Trends

Regarding Bitcoin, even though it’s been trending slowly downwards, the recent surge to around $69K marks an encouraging change in its momentum. On the other hand, the price movement of Ethereum in 2024 has left numerous investors feeling disheartened.

Ethereum prices 2024

On October 21, let’s take a look at the comparison of some well-known cryptocurrencies in terms of their price performance over different timeframes. In the past month, Ether has seen a growth of approximately 6.37%. However, as I checked just now, the year-to-date returns for Ether are currently unavailable.

3-month returns:

YTD returns:

  • BTC +55.14%
  • SOL +53.07%
  • SUI +148.46%
  • ETH +18.27%
  • APT +2.35%
  • TIA -57.65%

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2024-10-21 16:06