As someone who has been closely following the crypto space for quite some time now, I find myself constantly amazed by Ethereum’s relentless pursuit of innovation and improvement. The journey from Proof-of-Work to Proof-of-Stake, marked by numerous upgrades and transitions, is nothing short of remarkable.
Currently, the price of Ethereum (ETH) is not available at this moment (as of now, it was not available 6 seconds ago). Earlier today, however, the prices reached a daily peak before experiencing a 0% drop on November 26th.
Why is Ethereum Price Crashing Today?
During Bitcoin‘s weekend tumble, many altcoins struggled, but Ethereum price established a new high, demonstrating increased resilience. However, Bitcoin plunged further on Monday and during early trading sessions in Asia and London. Despite this downward trend, Ethereum price currently shows an increase of [X%] and is trading at [Y], suggesting potential for higher ETH values in the upcoming days.
Ethereum Price Chart Today
*Ethereum price updated as of No data found for ethereum on 6 seconds ago.
Since its launch in 2015, Ethereum has distinguished itself among other altcoins due to its groundbreaking smart contract technology. Regular significant updates to the network help Ethereum maintain its lead in the realm of smart contract innovation. The most recent update, named Cancun, was rolled out on March 13, 2024.
Ethereum Price Data
ETH’s year-to-date (YTD) performance continues to increase and currently sits at 33%. This recent slump in Bitcoin price has affected the YTD gains, which have dropped from 50% since November 11. As of November 26, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 317 days, would be up roughly $3,317. Ethereum’s market capitalization stands at No data found for ethereum on 6 seconds ago.
Ethereum: The Second-Largest Crypto By Market Cap
Currently, Ethereum stands second in terms of market capitalization with an estimated value of approximately $1.73 trillion (as of now, data is unavailable for Ethereum six seconds ago), trailing behind Bitcoin’s market cap. Combined, these two cryptocurrencies account for around 83% of the entire crypto market capitalization.
Although there’s been a temporary dip and bounce back, it appears that within the last 6 seconds, no data was available for the 24-hour trading volume of Ethereum.
Ethereum’s Crypto Trading Volume Soars
Over the past 24 hours, there has been no recorded trading volume for Ethereum on a timeframe of just six seconds ago. However, it’s worth noting that Binance is the primary platform contributing to this trading activity, with approximately 11% coming from spot trading and roughly 40% derived from futures trading. Other significant contributors include OKX, Bitget, and ByBit, following closely behind Binance.
Ethereum Upgrades to Proof-of-Stake Technology
The London hard fork represents a major update for the Ethereum blockchain. This upgrade shifted the network from a Proof-of-Work (mining) system to a Proof-of-Stake (staking) one. Recently, Ethereum co-founder Vitalik Buterin expressed his views on platform X (previously known as Twitter). He articulated that Proof-of-Stake (staking) offers more decentralization compared to the traditional Proof-of-Work (mining) system.
Notable Ethereum Blockchain Upgrades in 5 Years
Over the last five years, several significant improvements have transformed Ethereum into the world’s second-largest cryptocurrency by market cap.
2024:
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Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.
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Shanghai-Capella (“Shapella”): Enabled the withdrawal of staked Ether (ETH), marking a significant milestone in Ethereum’s transition to a Proof-of-Stake (PoS) consensus algorithm.
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Paris (The Merge): Successfully transitioned Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm, reducing energy consumption and increasing security.
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Bellatrix: Prepared the Ethereum network for The Merge by introducing the necessary PoS consensus logic.
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Gray Glacier: Delayed the “difficulty bomb” that would have slowed down the network, ensuring a smooth transition to PoS.
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Arrow Glacier: Delayed the “difficulty bomb” again, providing more time for the transition to PoS.
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Altair: Introduced several improvements to the Beacon Chain, including better validator incentives and enhanced security.
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London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.
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Berlin: Introduced several protocol upgrades, including improved gas efficiency and enhanced security features.
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Beacon Chain genesis: Launched the Beacon Chain, marking the beginning of Ethereum’s transition to PoS.
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Staking deposit contract deployed: Enabled users to deposit ETH and participate in the PoS consensus algorithm.
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Muir Glacier: Delayed the “difficulty bomb” to ensure a smooth transition to PoS.
How ETH Gas Affects Ethereum Price
As an analyst, I’ve been closely following the advancements being made to Ethereum, a blockchain system I’m particularly interested in. These updates are primarily focused on addressing what we call the blockchain trilemma – striking a balance between decentralization, security, and scalability. The shift towards Proof-of-Stake (PoS) has significantly improved these critical aspects.
Currently, the cost for an Ethereum network transaction, as of just now (November 26), stands at approximately 14 Gwei.
As the worth tied to Ethereum’s blockchain increases, attracting potential investors who then swarm in, pushing gas fees to rise. This trend usually materializes during bull markets and reaches a peak at record highs.
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2024-11-26 18:14