Why Ethereum Price Up 1.20% Today as ETH Trades At $2,713?

Why Ethereum Price Up 1.20% Today as ETH Trades At $2,713？

The price of Ethereum (ETH) today is $2,691.8 as of 1 PM. Ether prices hit a daily high of $2,762.4 today after dropping 1.74% on October 21.

Ethereum Price is Down Today: Why？

The Ethereum price trades at $2,713 after dropping 1.20% in the early Asian session on October 21, 2024, Monday. The ongoing price correction could be driven by profit-taking after Ether‘s price shot up 3.73% on Sunday. BTC’s short-term slip also influences ETH as it trades just under the $70,000 psychological level.

Ethereum Price Charts

Ethereum has been a popular altcoin due to its innovative smart contract technology since its launch in 2015. Due to this, the Ethereum blockchain receives major network upgrades that keep it at the forefront of smart contract technology. Cancun was the last update that occurred on March 13, 2024.

Ethereum Price History

The year-to-date (YTD) performance of ETH is 18.27% as of October 21, 2024, i.e., if you invested $10,000 in ETH on January 1, 2024, the portfolio, after 295 days, would be worth nearly $10,100. Regardless of Ethereums lackluster performance and volatility, the market capitalization of ETH stands at $324.3 billion.

Ethereum Market Cap: The Second-Largest Cryptocurrency

The market capitalization of Ethereum is $324.3 billion, making it the second-largest asset next to Bitcoin‘s (BTC) $1.15 trillion. Together, these two assets constitute 83% of the crypto markets. From its all-time high (ATH) of $571 billion on November 9, 2021, Ether’s market capitalization has slashed in half.

Still, Ethereum towers over other popular cryptocurrencies like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $63 billion and $30 billion, respectively. It is interesting to note that popular US companies like Adobe, Chevron, and AMD have lower market capitalization compared to Ethereum.

Despite this drop, the 24-hour trading volume of Ethereum is $19.7 billion.

Ethereum Trading Volume

The 24-hour trading volume of Ethereum is $19.7 billion. Binance 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

One major Ethereum blockchain upgrade that stands out more than the rest is the London hard fork since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Vitalik Buterin, the co-founder of Ethereum, recently posted on X (formerly Twitter) on how PoS is more decentralized than PoW.

— vitalik.eth (@VitalikButerin) September 12, 2024