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

The current price of Ethereum (ETH) today is No data found for ethereum on 3 mins ago as of No data found for ethereum on 3 mins ago. Ether prices hit a daily high of No data found for ethereum on 3 mins ago today after sliding No data found for ethereum on 3 mins ago% 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 has been a popular altcoin due to its smart contract technology. The first-mover advantage it has since its launch in 2015 is not enough, as ETH continues to disappoint investors due to its lackluster performance. However, the Ethereum blockchain remains at the forefront of smart contract technology due to the major network upgrades that it receives regularly.

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

Clubbing Ethereum’s No data found for ethereum on 3 mins ago market cap with Bitcoin’s (BTC) $1.15 trillion constitutes nearly 70% of the total crypto market capitalization. This duo captured an even bigger share as ETH’s market cap at an all-time high (ATH) was $571 billion, as seen on November 9, 2021.

Although Ethereum’s market cap has been slashed in half since its ATH, it overshadows other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.

Ethereum’s Trading Volume

Despite the recent drop in Ethereum’s popularity, the 24-hour trading volume of Ethereum is No data found for ethereum on 3 mins ago. Binance, one of the largest cryptocurrency exchanges, contributes about 11% to this metric, followed by exchanges like OKX, Bitget, etc. Popular cryptocurrencies like SOL, XRP, and BNB have at least seven times lower trading volume than ETH.

Ethereum Blockchain Upgrade to PoS

While ETH has received plenty of network updates, the London hard fork is the one that stands out since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While many criticized it due to its impact on miners, it has made the network visibly faster and less expensive to transact. Regardless, many are still not satisfied with the shift to PoS. Vitalik Buterin, the co-founder of Ethereum, recently replied to one such person on X (formerly Twitter) on how PoS is more decentralized than PoW.

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

Ethereum’s blockchain upgrades aim to solve the trilemma of balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) has successfully boosted these aspects. As a result, gas fees have plummeted, attracting more investors. Currently, the Ethereum transaction gas fee stands at 8.16 Gwei. Think of Gwei as a small tax for secure transactions on the Ethereum network. When Ethereum’s on-chain value surges, presenting lucrative opportunities, gas fees may rise as investors flock in, especially during bull runs when prices reach new heights.

Ethereum Price Prediction & 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

As of ‘October 22, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at YTD data unavailable for ethereum on 3 mins ago

3-month returns:

• SUI +134%
• APE +73%
• AAVE +56%

YTD returns:

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

Although Ethereum price today trades at $2,653, investors can expect a shocking performance if Bitcoin ends its seven-month consolidation and heads for an all-time high.

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