Ethereum Price Today: ETH is up 1.50%, Trades at $3,140

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Ethereum (ETH) price trades today at No data found for ethereum on 10 mins ago as of No data found for ethereum on 10 mins ago. Ether prices hit a daily high of No data found for ethereum on 10 mins ago today after rising No data found for ethereum on 10 mins ago% on November 16.

Why is Ethereum Price Rising Today?

After crashing 11% in the past three days, Ethereum price is up 1.40% today and trades at $3,042. As of Novemeber 16, there are promising signs of that the value of ETH could continue heading higher and tag key resistance levels.

Ethereum Price Chart

*Ethereum price updated as of No data found for ethereum on 10 mins 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

The year-to-date (YTD) performance of ETH continues to increase and currently sits at 33%. Ths recent slump in Bitcoin price has affected the YTD gains, which has dropped from 50% since November 11. As of November 16, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 317 days, would be up roughly $3,317. Regardless Ethereum’s market capitalization stands at No data found for ethereum on 10 mins ago.

Ethereum is the Second-Largest Crypto By Market Cap

Ethereum ranks second in market capitalization, valued at No data found for ethereum on 10 mins 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 10 mins ago.

Ethereum’s Crypto Trading Volume Remains High

The 24-hour trading volume of Ethereum is No data found for ethereum on 10 mins ago. Binance is the largest contributer to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, ByBit follow Binance.

Ethereum Upgrades to a PoS Blockchain

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).

Important Ethereum Blockchain Upgrades in The Past 5 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”)

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 & How It Influences Ethereum Price

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

As of November 16, the gas fee for a transaction on the ETH network as of No data found for ethereum on 10 mins 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.

Ethereum Price Prediction & Trends

Despite the ongoing uptrend in Bitcoin, Ethereum continues to lag behind BTC and other cryptos, with only a select few altcoins shooting higher. If ETH manages to break out of this slump, it could trigger a rally toward $3,500.

Ethereum prices 2024

As of ‘November 16, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 15.37%, while year-to-date returns show ETH at 31.38%

As seen from the above year-to-date (YTD) price performance chart, Ethereum is clearly the worst-performing asset when paired with DOGE, SUI, SOL, and even BTC.

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