Ethereum Price Today is $2,572, ETH is Down 1.81%

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As a seasoned analyst with over a decade of experience in the crypto market, I have seen my fair share of bull runs and bear markets. Today’s Ethereum price drop for the third consecutive day is a reminder that even the most promising altcoins can face turbulence.

Currently, the cost of Ethereum (ETH) is unavailable at this moment due to a lack of recent data, as of just eight minutes ago. This decline in price follows an opening price today of $2,622.81 and a daily high that has not been recorded within the last eight minutes. Since the market opened today, Ethereum has experienced a drop in value, but the exact percentage is currently unknown due to the lack of recent data as of October 23.

Ethereum Price Today Drops For The Third Consecutive Day

As I, the researcher, observe, the price of Ethereum dipped by nearly 2% following Bitcoin‘s slide on October 23. This downtrend seems to have originated after Bitcoin’s weekend rally reached a local peak on October 20. Since then, Ethereum’s value and the broader crypto market have been experiencing a gradual decline. It is advisable for investors to exercise caution, as this drop might persist until Bitcoin establishes a new local base or bottom.

Ethereum Price Chart

*Ethereum price updated as of No data found for ethereum on 8 mins ago.

Since Ethereum’s debut in 2015, it’s been widely known as the leading smart contract cryptocurrency. But simply being first isn’t enough; that’s why Ethereum’s blockchain is consistently updated with significant network improvements. Unfortunately, the price movement of ETH over the last year has fallen short of investor expectations.

As an analyst, I’ve observed a noticeable discrepancy between the heightened anticipation among investors towards Ethereum (ETH) following the approval of the spot ETF and its relatively subdued performance compared to other prominent altcoins in the market.

Ethereum’s Historical Price Performance

The current return (year-to-date) of Ethereum has decreased to 9%, down from approximately 20% three days prior. If Bitcoin continues to show a negative trend, the underperformance of Ethereum could potentially worsen, causing its market capitalization (currently unknown at this moment) to decrease further, making it the second-largest cryptocurrency in the market.

Ethereum: The Second-Largest Cryptocurrency

Combining Ethereum’s market cap (as of 8 minutes ago, which is approximately $405 billion) with Bitcoin’s ($1.15 trillion) reveals that these two cryptocurrencies together account for nearly 70% of the overall crypto market capitalization. Typically, Bitcoin (BTC) and Ethereum (ETH) occupy the top two positions, with exceptions being when Stablecoin Tether (USDT) or Ripple (XRP) temporarily move into the second spot on occasion.

Is it likely that Ethereum’s market cap will continue to be significantly larger than Solana (SOL) and Ripple (XRP), along with other altcoins, given their market caps currently stand at approximately $78 billion for Solana and $30 billion for Ripple?

Ethereum’s Trading Volume

Despite a poor recent performance in terms of price for Ethereum, it’s worth noting that over the past 24 hours, there has been significant activity in the Ethereum market. Approximately 11% of this Ethereum trading volume on the spot market can be attributed to Binance, one of the leading cryptocurrency exchanges. Exchanges such as OKX, Bitget, ByBit, and others follow closely behind Binance in terms of volume.

Ethereum Blockchain Upgrade to PoS

For a long time, Ethereum has maintained its position as the second most popular cryptocurrency not just because of high trading volume and popularity, but also due to numerous updates made to its network since 2015. These updates are crucial for maintaining the network’s security, decentralization, and scalability.

In this endeavor, the London hard fork is notable as it transitioned the blockchain from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). Despite facing numerous criticisms about the changeover, Ethereum has become significantly more secure and decentralized post-upgrade. Additionally, transaction costs have seen substantial improvement following the London hard fork, making it an attractive chain for transactions due to its enhanced efficiency.

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”)

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

Ethereum’s updates aim for a harmonious blend of decentralization, safety, and capacity to handle more transactions. The shift to Proof-of-Stake, implemented through the London hard fork, has significantly enhanced scalability and drastically reduced gas fees.

Ethereum gas price today stands at approximately 9. Gwei.

As an analyst, I observe that Gwei functions as a minuscule transaction tax or gas fee. Notably, this fee tends to escalate significantly during market bull runs, reflecting the increased value being transferred on the blockchain network.

Ethereum Price Prediction & Upcoming Trends

The recent spike in Ethereum price can be attributed to Bitcoin’s uptick toward $69K. This shift in momentum for BTC could end the seven-month consolidation and potentially kickstart a comeback for ETH.

Ethereum prices 2024

Let’s take a look at the comparative performance for both Ethereum and Bitcoin over the year to date, the past six months, and the last month as of October 23.

Today’s Ethereum price stands around $2,752, a slight increase from its level on Tuesday. However, it’s important for investors to be aware that the general trend in the cryptocurrency market currently leans towards bearishness. This could potentially result in further price drops before the end of the week.

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2024-10-23 17:35