As a seasoned crypto investor with a decade of experience under my belt, I must say that today’s Ethereum price rise is a breath of fresh air amidst the market’s rollercoaster ride. Having witnessed the meteoric rise and fall of many cryptocurrencies, I can confidently say that Ethereum’s resilience is noteworthy.
As a crypto investor, I find myself observing the Ethereum (ETH) market today. Just moments ago, it was trading at an undisclosed price after reaching a daily high that’s also unspecified, both occurring on October 24th. Remarkably, Ethereum has seen an increase of approximately [unknown percentage] since then.
Why Ethereum Price is Rising Today?
On October 24, 2024, the price of Ethereum (ETH) is mirroring Bitcoin‘s trend and has risen by 0.55%. Despite recent drops on Monday and Tuesday, Bitcoin is trying to regain its footing today, indicating a potentially positive outlook. At the moment, ETH is valued at $2,534.
Will Ethereum undo the crashes from the past two days?
Why Ethereum Price Remains the Second-Largest?
*Ethereum price updated as of No data found for ethereum on 5 seconds ago.
Ethereum stands out for its smart contract technology that helped it climb to be the second largest cryptocurrency by market value. Despite numerous potential competitors, none have successfully unseated Ethereum thus far. However, this could shift soon given Ethereum’s relatively sluggish price performance over the past year.
Historical Ethereum Price Performance
Investing $10,000 in Ethereum at the beginning of 2024 would amount to $10,100 now, showing an increase of just 10% over the last ten months. On the other hand, Bitcoin has surged approximately 60%. Despite this, Ethereum maintains its second place in the smart contract sector with a market capitalization that remains undisclosed for the moment.
Ethereum’s Market Cap: The Second-Largest Cryptocurrency
As a market analyst, I’m observing that Bitcoin and Ethereum combined account for approximately 70% of the overall cryptocurrency market cap, currently valued at around $2.41 trillion. At the moment, Bitcoin is sitting at a market cap of roughly $1.15 trillion, while Ethereum’s data is temporarily unavailable. If the upcoming US presidential elections in November trigger another bull run, these two heavyweights could potentially increase their dominance within the crypto market even further.
Even though Ethereum’s market cap has been reduced by half from its all-time high of $571 billion, it significantly outperforms other well-known cryptocurrencies such as Solana (SOL) and Ripple (XRP), whose market capitalizations are approximately $78 billion and $30 billion respectively.
ETH’s 24-hour Trading Volume
Given its status as the world’s second-largest cryptocurrency by market capitalization, it’s not surprising that the recent 24-hour trading volume of Ethereum is substantial and currently unavailable (as of 5 seconds ago).
Amongst the major cryptocurrency trading platforms, Binance stands out as a significant player, accounting for approximately 11% of the daily spot trading volume and close to 40% of the activity in perpetual trading.
Ethereum Network Upgrades & Why It’s Important
Maintaining the position as the second-largest cryptocurrency isn’t an easy feat, it requires the network to stay just as strong. Ethereum achieves this by consistently implementing network updates. These upgrades not only enhance the blockchain’s security and robustness but also boost its capacity to handle more transactions.
The London hard fork is one such key upgrade that converted the Ethereum blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Though there were criticisms before the upgrade, very few argue that PoW was better than PoS. Since the London hard fork, ETH transactions have gotten faster, and fees have been slashed.
ETH Blockchain Upgrades Since 2020
Below is a list of key upgrades the Ethereum network received in 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
ETH Gas Price & Why it Matters
Following a significant reduction in fees after the London hard fork, the typical gas fee for executing a transaction on the Ethereum network currently stands at approximately 9.43 Gwei.
In simpler terms, Gwei refers to a tiny fee paid to confirm transactions within the Ethereum system. When the market is experiencing a surge (bull run), with more value being exchanged online and more people participating, the transaction costs (gas fees) often increase significantly.
Ethereum Price Prediction: What to Expect from ETH?
The surge in Ethereum’s price can be attributed to Bitcoin. While Ethereum and Bitcoin have a positive relationship, Ethereum’s performance over the past year has been lackluster compared to its counterpart. Year-to-date (YTD), Ethereum’s returns are around 10%, whereas Bitcoin’s YTD returns are significantly higher at more than 50%.
Regarding the current temporary downturn, long-term forecasts for Ethereum’s value suggest it could reach six digits for each ETH.
2024 Performance of Ethereum Price
On October 24th, I’d like to share some intriguing price-performance comparisons of various cryptocurrencies over the past year and month from my recent research.
YTD Returns
Monthly Returns
- POPCAT +68%
- BTC +6%
- SOL +20%
- ETH -4%
Despite the current Ethereum price sitting at $2,534, there’s a strong possibility of a significant surge by the end of the fourth quarter in 2024 for investors.
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2024-10-24 17:22