Why Ethereum Price is Up $0.50% Today as ETH Trades at $2,544

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As a seasoned crypto investor with years of experience navigating the volatile digital asset markets, I must admit that the current uptick in Ethereum’s price has caught my attention. After observing its innovative smart contract technology since its inception in 2015 and witnessing its continuous network upgrades, I am confident that Ethereum will continue to play a significant role in the crypto landscape.

As a researcher, I’m currently observing the real-time market trends, and unfortunately, at this very moment (7 seconds ago), there appears to be no available data regarding Ethereum (ETH) prices. However, it’s worth noting that earlier today, Ether prices reached a daily high following a 0% increase from October 25, though the exact figures are currently unavailable.

Ethereum Price is Up Today: Why?

The price of Ethereum currently stands at $2,544, having regained close to 4% since hitting a daily low of $2,460 earlier. This upward movement mirrors Bitcoin‘s 1.60% rebound to $68,140. If this positive trend continues, the New York opening could potentially boost Ethereum’s value even further, as it has been on a downward trajectory throughout the week.

Ethereum Price Charts

*Ethereum price updated as of No data found for ethereum on 7 seconds ago.

Since its debut in 2015, Ethereum has distinguished itself among altcoins due to its groundbreaking smart contract technology. Regular significant network updates keep Ethereum at the forefront of smart contract innovation. The most recent update, named Cancun, went live on March 13, 2024.

Ethereum Price History

As of October 25, 2024, the year-to-date (YTD) growth of Ethereum (ETH) is approximately 8.17%. This figure dipped from double digits earlier in the week. If you had invested $10,000 in ETH on New Year’s Day, 2024, your investment, after a period of 299 days, would be close to $10,817. It’s worth noting that Ethereum’s current market capitalization is undisclosed at this moment.

Ethereum Market Cap: The Second-Largest Cryptocurrency

Currently, Ethereum holds the second largest market cap among cryptocurrencies, with a value estimated to be approximately $1.15 trillion (as of now, the exact figure for Ethereum’s value is not available at this moment). When combined with Bitcoin’s dominance, they account for an impressive 83% share of the entire crypto market.

Since its all-time high of $571 billion in November 2021, Ethereum’s value has decreased by half. However, Ethereum maintains a strong lead over other popular cryptocurrencies:

Even though there’s been a recent dip and bounce back, it seems there isn’t any data available for the 24-hour trading volume of Ethereum as of 7 seconds ago.

Ethereum Trading Volume

The last 24-hour trading volume of Ethereum could not be obtained 7 seconds ago. However, it’s important to note that Binance is the main contributor to this volume, with around 11% coming from spot trading and approximately 40% originating from futures trading. Other exchanges such as OKX, Bitget, and ByBit also contribute significantly, following closely behind Binance.

Ethereum Blockchain Upgrade to PoS

The London hard fork represents a substantial update to the Ethereum blockchain infrastructure. This upgrade transformed the system from a Proof-of-Work (PoW) model to a Proof-of-Stake (PoS) one. Notably, Ethereum co-creator Vitalik Buterin recently voiced his opinions on platform X, which was once known as Twitter. He clarified that the Proof-of-Stake (PoS) mechanism is more decentralized compared to the Proof-of-Work (PoW) approach.

No, this is a d*ck.

— vitalik.eth (@VitalikButerin) September 12, 2024

Ethereum Blockchain Upgrades in The Last 5 Years

Over the last five years, I’ve had the privilege of observing some transformative advancements that have solidified Ethereum’s position as the second-largest cryptocurrency by market capitalization. These game-changing updates have not only reshaped its identity but also bolstered its enduring relevance in the rapidly evolving crypto landscape.

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

Influence of ETH Gas on Ethereum Price

The update on Ethereum is focusing on resolving the blockchain’s three crucial challenges: maintaining decentralization, ensuring security, and improving scalability. The shift to Proof-of-Stake (PoS) has significantly bolstered these facets. After the upgrade, Ethereum’s transaction costs (gas costs) drastically decreased, attracting more investors. Gas costs can be thought of as taxes, calculated in Gwei, necessary for secure transactions.

On October 25th, the cost of a transaction on the Ethereum network stands at approximately 8.42 Gwei. [Note: This information was up-to-date as of seven seconds ago but no fresh data was available for Ethereum at that moment.]

As the value stored on Ethereum’s blockchain increases, attracting investment, there is a tendency for gas fees to rise due to an influx of interested parties. This trend commonly happens during bull markets, reaching its peak during record-breaking high points.

Ethereum Price Prediction & Trends

Regardless of Bitcoin’s current declining trend, its recent surge suggests potential if it can surpass the barrier at $69K and establish $70k as a solid foundation. This could be crucial for Ethereum’s price improvement as we approach the first month of the final quarter, hinting at possible positive effects on its performance.

Ethereum prices 2024

On October 25, let me share a comparison of the recent price performances among some well-known cryptocurrencies: Over the past month, Ether has seen a growth of approximately 6.37%, while as I check now, the year-to-date returns for ETH are currently unavailable.

Glancing at the Year-to-Date (YTD) price chart, it’s evident that Ethereum ranks as the third poorest performer compared to TIA and APT. On the other hand, POPCAT, SUI, SOL, and BTC are currently leading with the best YTD returns.

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2024-10-25 17:52