Did you know Ethereum’s ICO price was just $0.311 in 20141? Since then, the return on investment (ROI) has soared over 270%1. Today, 1 Ethereum (ETH) costs $2,469.17, with a 24-hour trading volume of $26.49 billion2. But, the price dropped by -5.94% in the last 24 hours2.
Ethereum has 120.37 million coins in circulation and a market cap of $297.21 billion2. It’s now the second-largest cryptocurrency by market cap2. Let’s explore why Ethereum has become so popular among investors.
Key Takeaways
- Ethereum’s ICO price was $0.311 in 2014, with a current ROI of over 270%.
- The current price of 1 Ethereum is $2,469.17, with a 24-hour trading volume of $26.49 billion.
- Ethereum has a circulating supply of 120.37 million coins and a market cap of $297.21 billion.
- Ethereum completed its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022, reducing its energy usage by 99.95%.
- The Ethereum 2.0 roadmap includes three main phases: Beacon Chain, The Merge, and Sharding, with Sharding scheduled for 2023-2024.
What is Ethereum (ETH)?
Ethereum is a decentralized open-source blockchain system. It has its own cryptocurrency, Ether (ETH)3. The network lets developers make and run dApps and smart contracts3. Ether is used to pay for resources on the Ethereum network3.
Vitalik Buterin wrote about Ethereum in 20133. He and others got funding in 2014, raising $18.3 million in Bitcoin4.
Ethereum is like a “decentralized virtual computer”. It lets people create and run smart contracts and dApps3. It’s also called “digital oil” for this global computer3.
Over time, Ethereum’s price has changed a lot. From 2015 to 2022, 1 Ether went from $0.42 to $1,3774. In May 2023, it hit $1,8204. This shows Ethereum’s growing role in the crypto market.
| Year | Ether Price (USD) | Ether Price (EUR) |
|---|---|---|
| 2015 | $0.42 | €0.38 |
| 2016 | $0.95 | €0.87 |
| 2017 | $7.92 | €7.21 |
| 2018 | $83.90 | €76.41 |
| 2019 | $102.93 | €90.55 |
| 2020 | $127.29 | €104.58 |
| 2021 | $730.37 | €600.86 |
| 2022 | $1,377 | €1,156 |
| May 2023 | $1,820 | €1,673 |
Ethereum’s unique features have made it big. It’s the second-largest crypto, after Bitcoin5. As it grows, its impact on crypto will likely get bigger543.
Ethereum’s Current Price
The price of Ethereum (ETH) is $2,469.17 as of October 2nd at 1:21 AM. It has a 24-hour trading volume of $26.49 billion6. Over the past 24 hours, the price has dropped by -5.94%6.
Ethereum has a circulating supply of 120.37 million coins. Its market capitalization is $297.21 billion, making it the second-largest cryptocurrency76.
Ethereum’s price has changed a lot over the years. In January 2018, Ether (ETH) hit $1,4187. Then, between February and May 2021, it reached $4,379. On November 16, 2021, it hit $4,891.707.
But Ethereum’s price has also dropped a lot. It’s down 34.20% since the start of 20228.
Since 2014, Ethereum’s price has moved with Bitcoin’s8. Its smart contract technology has made people think it might be more adopted than Bitcoin8. But, Ethereum’s scalability issues and high gas fees have been criticized. Other platforms like Arbitrum, Fantom, and Avalanche are seen as alternatives because they offer lower fees and higher throughputs7.
Looking forward, Ethereum’s price is predicted to be between $1,145 and $1,684 in 20237. The Sharding upgrade between 2023 and 2024 will aim to improve the network’s capacity and lower gas fees7.
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How much 1 Ethereum costs?
The price of 1 Ethereum (ETH) is now $2,469.17 as of October 2, 2024 at 1:21 a.m9. Ethereum’s price has changed a lot, hitting a high of $4,379 and a low of $0.709. Recently, it reached a 52-week high of $4,088.00 on March 12, 20241011.
Ethereum’s market value is $297.21 billion, making it the second-largest cryptocurrency9. This is a 52% increase from last year10. Ethereum and Bitcoin together make up 70% of the crypto market1011.
People can buy Ethereum on platforms like Binance, Coinbase, and Kraken. You can also use Venmo and PayPal10. Ethereum can be kept safe in both hot and cold wallets, with cold wallets being safer10.
| Metric | Value |
|---|---|
| Current Price of 1 Ethereum (ETH) | $2,469.179 |
| 24-Hour Trading Volume | $26.49 billion9 |
| 24-Hour Price Change | -5.94%9 |
| Market Capitalization | $297.21 billion9 |
| Circulating Supply | 120.37 million ETH9 |
Ethereum’s growth has led to new financial products like Ethereum futures ETFs and Ether spot ETFs11. These products let investors get into the Ethereum market without owning it directly10.
Ethereum’s History and Founders
Ethereum is a key blockchain project with a compelling story. It was first described in a 2013 whitepaper by12 Vitalik Buterin. Buterin, a young programmer, saw the power of decentralized tech. He and co-founders raised12 $18.3 million in Bitcoin in 2014.
Ethereum launched on12 30 July 2015. This marked the start of a new blockchain network. The network’s use grew fast. By12 July 2017, it had over 150 members in the Enterprise Ethereum Alliance.
In 2017, Ethereum introduced ERC-721, the first NFT standard12. This move changed the digital collectibles market. It changed how we see and use digital assets.
Today, Ethereum leads in the crypto and blockchain world12. Ether, Ethereum’s coin, is the second-largest by market cap12. In 2021, even Visa Inc. started using Ethereum for stablecoin transactions.
Ethereum’s journey has seen ups and downs. But its founders and community have kept pushing forward12. In September 2022, Ethereum switched to proof-of-stake, cutting energy use by 99%.
Ethereum’s history and founders have shaped the blockchain world12. As it grows, its impact on decentralized tech will only get bigger.
What Makes Ethereum Unique?
Ethereum is a groundbreaking blockchain platform. It’s the second-largest cryptocurrency by market value. It has many features and uses that make it very popular13.
Ethereum can support decentralized applications (dApps) and smart contracts. These tools let complex contracts run on their own. They also help create many DeFi apps13. Plus, Ethereum lets people make and trade NFTs, which are big in digital art and games13.
In 2022, Ethereum changed from proof-of-work (PoW) to proof-of-stake (PoS). This change, called the “Merge,” makes the network better. It’s now more scalable, secure, and green14.
Ethereum keeps getting better. It wants to make things easier for users and cheaper. Soon, Ethereum will be even faster and cheaper, making it more appealing to everyone13.
To sum up, Ethereum is special because of its support for dApps, smart contracts, and NFTs. Its switch to PoS and ongoing updates make it a leading blockchain platform131514.
Ethereum’s Market Capitalization
Ethereum is the second-largest cryptocurrency, with a market cap of $297.21B1. This shows it’s a big player in the crypto world. As the Ethereum market cap grows, it becomes even more important in the competitive crypto market7.
Ethereum’s high ranking in the top cryptocurrencies by value is key. It has about 122.7 million ETH in circulation7. This has made Ethereum very popular among investors and fans7.
Ethereum’s Remarkable Growth
Ethereum’s growth to its current market cap is amazing7. It started with an ICO in 2014, priced at $0.311. This led to a return of over 270%1. Since then, Ethereum’s price has seen ups and downs, hitting $4,891.70 in November 20217.
Even in the crypto bear market, Ethereum’s price is expected to stay between $1,145 and $1,6847. This shows Ethereum’s strength and its chance for more growth.
Ethereum’s success is due to its innovative tech, strong ecosystem, and demand for decentralized apps and smart contracts. With upgrades like the Merge and Sharding planned, Ethereum’s future looks bright7.
Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) is a new way to name things on the Ethereum blockchain. It makes long, hard-to-read crypto addresses easier to use. It turns them into simple names that people can remember16.
ENS domains are like the web3 version of regular domain names. They let you use a simple name instead of a long crypto address. This makes it easier to send and receive money and use dApps1617.
Today, an ENS domain costs $17.27. It has a 24-hour trading volume of $77.84M USD. The market cap is $571.35M USD16. There are 33.09M ENS tokens in circulation, and the price went down by -8.2% in the last day16.
The ETH Registrar charges a fee in ETH to keep spam away18. A 5+ letter .eth name costs $5 a year. A 4 letter name costs $160 a year. And a 3 letter name costs $640 a year18.
The Ethereum Name Service is a big step forward for the web3 world. It makes it easier for people to use Ethereum-based apps and services. As more people use Ethereum, the Ethereum Name Service will become even more important1617.
Ethereum Killers and Competitors
Ethereum is the second-largest cryptocurrency. It faces competition from other blockchain platforms. These “Ethereum killers” include Solana, Cardano, Polkadot, and Avalanche. Each has unique features and value propositions19.
Solana uses proof-of-stake and proof-of-history to speed up transactions. It keeps fees low, making it a strong competitor to Ethereum19. Since its launch in 2020, Solana has settled over 50 billion transactions. It has a TVL of nearly $30 billion2021.
Cardano introduced the Alonzo fork in 2021. This led to a surge in developer activity. It’s called the “Ethereum killer” because of its innovative Ouroboros consensus algorithm2019. Cardano’s native currency, ADA, has a market cap of about $18.25 billion21.
Polkadot is a “superhighway” for different blockchains to work together. It enhances speed and flexibility. Its native currency, DOT, has a market cap of $11.01 billion21. Avalanche aims to achieve transactional finality in two seconds. It’s faster than Ethereum and supports Ethereum smart contracts20.
Tezos enables self-amendment and upgrades without hard forks. It ensures network stability. Participants who stake at least 8,000 tokens get voting rights for governance decisions21. Tezos’ native currency, XTZ, has a market cap of $1.73 billion21.
Even with these “Ethereum killers,” Ethereum still dominates the NFT market. Ethereum’s native currency, Ether (ETH), has a market cap of about $229.12 billion21.
Ethereum’s competitors must innovate and form partnerships. They need to engage with the community to grow. Regulatory compliance and security are key challenges for new platforms19.
EIP-1559 and Ethereum’s Monetary Policy
In August 2021, Ethereum got a big update called the London hard fork. It brought in EIP-1559, a new rule for money. This rule could make Ethereum’s money policy net-deflationary by burning fees instead of giving them to miners22.
EIP-1559 changed how Ethereum handles transaction fees. It might cut miners’ earnings by up to 50%23. It also added a “base fee” for transactions. This fee changes based on how busy the network is, with a 12.5% change every block23.
This change helps users guess fees better and pay the right amount. It makes using Ethereum easier and more fun23.
Decentralized finance on Ethereum has made fees very high. EIP-1559 makes sure base fees are paid in ETH. This makes ETH more important for the network and helps Ethereum last longer23.
Most ETH holders like EIP-1559 because it makes ETH scarcer. This is good for Ethereum’s money policy23.
But, EIP-1559’s effect on Ethereum’s money policy is still unsure. It depends on how much people want to use Ethereum24. Even though EIP-1559 makes fees more predictable, it might not always lower gas fees. This is because Ethereum could get busier and better at handling more users24.
Ethereum’s Network Security
Ethereum’s security is key to its wide use and trust. It uses special codes and a network of validators to keep the blockchain safe. This stops bad activities like double-spending9.
The network’s safety comes from its blockchain consensus. It uses a proof-of-work (PoW) algorithm. Miners compete to add new blocks, making it hard for attackers to take over1.
Ethereum also uses advanced cryptography, like ECDSA, to secure transactions. This makes the network strong against attacks. It keeps the Ethereum ecosystem safe9.
The network’s safety and its distributed nature make it great for dApps and secure transactions. As Ethereum grows, so will its security. This ensures the Ethereum blockchain remains trusted and viable1.
Where to Buy Ethereum (ETH)
Ethereum is the second-largest cryptocurrency and can be bought in many ways2. You can use big exchanges like Coinbase, Binance, or Kraken for easy buying and selling2. Or, you can get ETH on DeFi platforms like Uniswap or Sushiswap for direct trading2.
You can also buy Ethereum at ATMs or by paying with it for things2. Some people buy it directly from others on sites like LocalEthereum or Paxful2.
It’s important to compare different places to buy Ethereum2. Look at fees, security, and how easy it is to use2. This way, you can find the best place for you2.
When you buy Ethereum, know the market and crypto news2. The Ethereum network has changed a lot, like with the EIP-1559 upgrade1. Also, the Ethereum Merge event could change things a lot1.
Stay informed and check out different ways to buy Ethereum2. This helps you make smart choices and feel confident in the crypto world2. Whether you use an exchange, a DeFi platform, or a direct sale, knowing the market is key2.
Conclusion
Ethereum has become a top player in the world of cryptocurrency and Blockchain technology trends. Its native currency, Ether (ETH), is the second-largest digital asset by market value25. The Ethereum network supports many uses, like powering Decentralized applications and executing smart contracts.
The world of Cryptocurrency investment is always changing. Ethereum’s role as a key technology is becoming more vital. Price predictions show it could grow in the future252627. This makes Ethereum a great choice for investors and developers looking at the future of digital economy.
Ethereum stands out because of its flexibility, growing use, and promising future for Ether. It’s a strong pick for those interested in Ethereum and the future of blockchain technology.
