Ethereum Price Today: ETH is Down 2%, Trades at $2,653

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As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I find myself both intrigued and slightly concerned by the current state of Ethereum (ETH). The price drop today, despite being relatively minor in the grand scheme of things, serves as a stark reminder that even the most promising assets are not immune to volatility.

presently, there’s no data available for the price of Ethereum (ETH) from three minutes ago; however, its prices peaked to a daily high just now following a 0% drop on October 22.

Why is Ethereum Price Down Today?

Ethereum price dropped 2.0% but currently trades at $2,653 on October 22, 2024. On Monday, Bitcoin’s sudden crash took Ether and the rest of the crypto markets down with it. Although the ETH price recovered in the early Asian session, investors must remain cautious of a potential trend continuation in the New York trading session.

Ethereum Price Performance Chart

*Ethereum price updated as of No data found for ethereum on 3 mins ago.

Ethereum’s popularity stems from its innovative smart contract technology. While it has had a first-mover advantage since its debut in 2015, this alone isn’t sufficient as Ethereum consistently underperforms, causing frustration among investors. Yet, the Ethereum blockchain continues to lead the way in smart contract development thanks to frequent significant updates it receives.

Ethereum’s Price History

The year-to-date (YTD) performance of ETH has dropped to 13% after nearing 20% just a few days ago. Regardless of Ethereum’s lackluster performance and volatility, the market capitalization of ETH stands at No data found for ethereum on 3 mins ago, making it the second-largest cryptocurrency.

Ethereum: The Second-Largest Cryptocurrency

As a cryptocurrency investor, I’ve noticed that the combined market capitalization of Ethereum (ETH) and Bitcoin (BTC), currently standing at about $1.15 trillion for BTC, makes up close to 70% of the entire crypto market. Interestingly, when ETH reached its all-time high (ATH) on November 9, 2021, its market cap was a staggering $571 billion, demonstrating the significant influence these two digital assets have in our growing crypto landscape.

Despite the fact that Ethereum’s market value has dropped nearly in half from its all-time high, it is significantly larger compared to other well-known cryptocurrencies such as Solana (SOL) and Ripple (XRP), whose market capitalizations are roughly $78 billion and $30 billion respectively.

Ethereum’s Trading Volume

Although Ethereum’s current standing in the crypto market might be lessening, it’s worth noting that its 24-hour trading volume remains substantial, as of now, there’s no data available for Ethereum 3 minutes ago. Binance, a significant player in the cryptocurrency exchange landscape, accounts for approximately 11% of this trading volume, with other platforms like OKX and Bitget contributing as well. In contrast, popular cryptocurrencies such as SOL, XRP, and BNB have trading volumes that are significantly lower than Ethereum, roughly seven times less.

Ethereum Blockchain Upgrade to PoS

The London update on Ethereum’s network is notable because it changed the system from Proof-of-Work (mining) to Proof-of-Stake (staking). Although some people have criticized this change, it has made transactions faster and cheaper. However, not everyone is fully satisfied with this shift. Recently, Vitalik Buterin, co-founder of Ethereum, explained on X (previously Twitter) that Proof-of-Stake is more decentralized compared to Proof-of-Work.

Ethereum Blockchain Upgrades in The Last 5 Years

Here are some key milestone upgrades to the Ethereum network over the past five years.

2024

  • Cancun-Deneb (“Dencun”): Enhanced network scalability and security.

2023

  • Shanghai-Capella (“Shapella”): Enabled unstaking of ETH and improved validator withdrawals.

2022

  • Paris (The Merge): Transitioned Ethereum from Proof-of-Work to Proof-of-Stake.
  • Bellatrix: Prepared the Beacon Chain for The Merge.
  • Gray Glacier: Delayed the Difficulty Bomb to facilitate The Merge.

2021

  • Arrow Glacier: Delayed the Difficulty Bomb to prevent network congestion.
  • Altair: Introduced light client support and improved validator incentives.
  • London: Reformed gas pricing and introduced burning mechanism.
  • Berlin: Enhanced gas efficiency and security.

2020

  • Beacon Chain genesis: Launched Ethereum’s Proof-of-Stake transition.
  • Staking deposit contract deployed: Enabled ETH staking.
  • Muir Glacier: Delayed the Difficulty Bomb to maintain network stability.

Ethereum Gas Price Influence

As a crypto enthusiast invested in Ethereum, I’m thrilled about the blockchain upgrades that are tackling the tricky trio of decentralization, security, and scalability. The shift to Proof-of-Stake (PoS) has been a game-changer, enhancing these key aspects significantly. This transformation has led to a dramatic decrease in gas fees, making it more inviting for new investors. At the moment, Ethereum’s transaction gas fee hovers around 8.16 Gwei. To put it simply, think of Gwei as a modest fee levied for secure transactions within the Ethereum ecosystem. However, when Ethereum’s on-chain worth skyrockets, offering lucrative opportunities, gas fees might spike as more investors pour in, particularly during bull runs when prices reach unprecedented highs.

Ethereum Price Prediction & Trends

The surge in the cost of Ethereum may be connected to Bitcoin’s rise approaching $69,000. This change in Bitcoin’s trajectory might break its seven-month period of stability and possibly ignite another rise for Ethereum.

Ethereum prices 2024

On October 22, here’s a comparison of the recent price trends among popular cryptocurrencies: Over the past month, Ether has increased by approximately 6.37%, while its year-to-date performance is currently undisclosed, as it was recently unavailable for Ethereum about 3 minutes ago.

3-month returns:

YTD returns:

  • BTC +52%
  • SOL +51%
  • SUI +135%
  • ETH +15%

If Bitcoin manages to break its seven-month trend and reach a new all-time high, investors in Ethereum could be in for a surprising boost as the price currently stands at $2,653.

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2024-10-22 13:06