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Ethereum Price Today: How High Can ETH Go?

November 22, 2024

Ethereum (ETH) price trades today at No data found for ethereum on 34 minutes ago as of No data found for ethereum on 34 minutes ago. Ether prices hit a daily high of No data found for ethereum on 34 minutes ago today after rising No data found for ethereum on 34 minutes ago% on November 22.

Why is Ethereum Price Rising Today?

After crashing 11% in the past three days, Ethereum price today is up No data found for ethereum on 34 minutes ago% and trades at $3,042. As of November 16, there are promising signs that the value of ETH could continue heading higher and tag key resistance levels.

Ethereum Price Today

Ethereum Price Chart Today

*Ethereum price updated as of No data found for ethereum on 34 minutes ago.

Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.

Ethereum Price & Historical 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 22, 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 34 minutes ago.

Ethereum: The Second-Largest Crypto By Market Cap

Ethereum ranks second in market capitalization, valued at No data found for ethereum on 34 minutes ago, after Bitcoin’s $1.73 trillion. Together, BTC & ETH’s market capitalization constitutes 83% of the total crypto market cap.

Since its all-time high of $571 billion in November 2021, Ethereum’s value decreased by half in October, but has spiked recently due to Bitcoin’s new ATH. Still, Ethereum maintains a strong lead over other popular cryptocurrencies:

Solana (SOL): $98.8 billion
Ripple (XRP): $89.8 billion
BNB (BNB): $91.0 billion

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is No data found for ethereum on 34 minutes ago.

Ethereum’s Crypto Trading Volume Remains High

The 24-hour trading volume of Ethereum is No data found for ethereum on 34 minutes ago. Binance is the largest contributor to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, and ByBit follow Binance.

Ethereum Shifts From PoW to PoS

The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).

Key Ethereum Upgrades in The Past Five Years

Here are some key upgrades in the past five years that shaped Ethereum as the second-largest crypto by market capitalization.

2024:

Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.

2023:

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.

2022:

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.

Bellatrix: Prepared the Ethereum network for The Merge by introducing the necessary PoS consensus logic.

Gray Glacier: Delayed the “difficulty bomb” that would have slowed down the network, ensuring a smooth transition to PoS.

2021:

Arrow Glacier: Delayed the “difficulty bomb” again, providing more time for the transition to PoS.

Altair: Introduced several improvements to the Beacon Chain, including better validator incentives and enhanced security.

London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.

Berlin: Introduced several protocol upgrades, including improved gas efficiency and enhanced security features.

2020:

Beacon Chain genesis: Launched the Beacon Chain, marking the beginning of Ethereum’s transition to PoS.

Staking deposit contract deployed: Enabled users to deposit ETH and participate in the PoS consensus algorithm.

Muir Glacier: Delayed the “difficulty bomb” to ensure a smooth transition to PoS.

ETH Gas & Its Effect on Ethereum Price

The blockchain upgrades Ethereum receives aim to solve the trilemma of blockchain, i.e., balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Ethereum’s transaction fees (gas fees) plummeted post-upgrade, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

As of November 22, the gas fee for a transaction on the ETH network as of No data found for ethereum on 34 minutes ago is 15.84 Gwei.

When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.

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