Why Ethereum Price is Up 0.87% Today as ETH Trades At $3088?

Ethereum (ETH) price today trades at No data found for ethereum on 6 mins ago as of No data found for ethereum on 6 mins ago. Ether prices hit a daily high of No data found for ethereum on 6 mins ago today after rising No data found for ethereum on 6 mins ago% on November 15.

Why is Ethereum Price Up Today?

The Ethereum price trades at $3,042 after crashing nearly 11% in the past three days. As of Novemeber 15, ETH is up 0.87%. This downtick is not in line with Bitcoin, which is up 0.52% today. This shows weakness among altcoins despiet the steady uptrend with BTC. If this trend keeps up value of ETH could suffer another drop soon.

Ethereum Price Chart

*Ethereum price updated as of No data found for ethereum on 6 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.

Historical Ethereum Price Data

The year-to-date (YTD) performance of ETH is 33.17%, after hitting nearly 50% just three days ago. As of November 15, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 316 days, would be up roughly $3,317. Regardless Ethereum’s market capitalization stands at No data found for ethereum on 6 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 6 mins ago, after Bitcoin’s $1.73 trillion. Together, they comprise 83% of the crypto market.

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is No data found for ethereum on 6 mins ago.

Ethereum’s Humongous Share of Crypto Trading Volume

The 24-hour trading volume of Ethereum is No data found for ethereum on 6 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 of the critical upgrades in the past 5 years that have shaped and kept 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 & Its Influence on Ethereum Price

Ethereum’s upgrade aims to solve the blockchain trilemma: 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 15, the gas fee for a transaction on the ETH network as of No data found for ethereum on 6 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, 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 15, 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%

ETH vs. BTC, SOL price performance

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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