Why Ethereum Price is Rising Today? ETH is Up 0.55%, Trades at $2,534
Ethereum (ETH) price today today trades at No data found for ethereum on 30 mins ago after hitting a daily high of No data found for ethereum on 30 mins ago on October 24. ETH price is up No data found for ethereum on 30 mins ago% as of No data found for ethereum on 30 mins ago.
Why Ethereum Price is Rising Today?
Ethereum price is following Bitcoin’s footsteps and is up 0.55% today. But the outlook for today is bullish, with BTC attempting a recovery bounce after Monday’s and Tuesday’s crashes. The price of ETH currently hovers at $2,534 as of October 24, 2024.
Ethereum price today
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 30 mins ago.
Ethereum is well-known for its smart contract technology that propelled it to become the second largest crypto by market cap. While there were plenty of other Ethereum-killers, none have managed to dethrone ETH so far. However, this might change in the coming days since ETH price performance in the past year has been lackluster.
Historical Ethereum Price Performance
If you invested $10,000 in ETH at the start of 2024, it would be worth $10,100 today, i.e., Ethereum price is up only 10% in the past ten months, while Bitcoin is up nearly 60%. Regardless, the first-mover advantage in the smart contract sector is keeping in the second position with a market capitalization of No data found for ethereum on 30 mins ago.
Ethereum’s Market Cap: The Second-Largest Cryptocurrency
Together, Bitcoin and Ethereum constitute roughly 70% of the total crypto market cap, which stands at $2.41 trillion. While Ethereum’s market cap stands at No data found for ethereum on 30 mins ago, Bitcoin hovers around $1.15 trillion. If the bull run kickstarts after the US presidential elections in November, then this duo could capture an even bigger share of the crypto market.
Although Ethereum’s market cap has been slashed in half since its ATH of $571 billion, it overshadows other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.
ETH’s 24-hour Trading Volume
As expected of the second largest cryptocurrency by market cap, the 24-hour trading volume of Ethereum is relatively high and stands at No data found for ethereum on 30 mins ago.
Binance, one of the largest cryptocurrency exchanges, is the largest contributor to this trading volume with 11% in spot trading volume and nearly 40% in perpetual trading volume.
Ethereum Network Upgrades & Why It’s Important
Being the second-best crypto is not a small task, the network has to remain equally robust. Ethereum does this through continuous network upgrades. This also improves the blockchain’s security and scalability.
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
Since the London hard fork fees have been reduced drastically. The current average gas fee for sending a transaction on the Ethereum blockchain is 9.43 Gwei.
Gwei is a small tax paid to secure transactions on the Ethereum network. During a bull run, where there’s more value to be extracted on-chain and more participants, the gas fees tend to spike.
Ethereum Price Prediction: What to Expect from ETH?
The recent uptick in Ethereum price is due to Bitcoin. Although ETH is positively correlated to BTC, its performance over the past year has been uninspiring. The YTD returns for ETH hover around 10%, while BTC’s YTD returns stand tall above 50%.
Despite the bearishness of the short-term move, long-term Ethereum price prediction hints at a valuation of six digits per ETH.
2024 Performance of Ethereum Price
As of ‘October 24, here are some popular cryptocurrencies’ price-performance comparisons for the past year and one-month.
YTD Returns
POPCAT +168%
SUI +138%
SOL +71%
Monthly Returns
POPCAT +68%
BTC +6%
SOL +20%
ETH -4%
Although Ethereum price today trades at $2,534, investors can expect a massive rally in 2024’s fourth quarter.
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