Did you know 1 Ethereum (ETH) is now worth $2,466.73 USD1? Ethereum, the second-biggest cryptocurrency, has grown a lot since 2015. It has a huge market cap of $296.91 billion USD and trades $25.14 billion USD in 24 hours1.
Vitalik Buterin, a Russian-Canadian programmer, created Ethereum. It’s a blockchain platform for making decentralized apps and smart contracts. Unlike Bitcoin, Ethereum is more than just money. It’s also used for DeFi, NFTs, and more.
Key Takeaways
- The current price of 1 Ethereum (ETH) is $2,466.73 USD1.
- Ethereum has a market capitalization of $296.91 billion USD and a 24-hour trading volume of $25.14 billion USD1.
- Ethereum was launched in 2015 by Vitalik Buterin, a Russian-Canadian programmer.
- Ethereum is a decentralized blockchain platform that enables the creation of dApps and smart contracts.
- Ethereum has a circulating supply of 120.37 million ETH and a total supply of 120.37 million ETH1.
What Is Ethereum (ETH)?
Ethereum is a decentralized, open-source blockchain network. It powers its own cryptocurrency, Ether (ETH)2. It was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. His goal was to make Ethereum a global platform for decentralized applications (dApps)2.
The Ethereum blockchain lets users build, deploy, and use apps without middlemen. This makes it a powerful tool for digital innovation and disruption.
Ethereum’s Origins and Purpose
Vitalik Buterin described Ethereum in a 2013 whitepaper. He saw Ethereum as a decentralized platform for many dApps, not just digital currencies2. The Ethereum network was made to be a global, open-source platform for developers.
Its goal is to empower users and create a more equitable and transparent digital ecosystem.
Key Features of the Ethereum Network
The Ethereum network has a decentralized structure and smart contract functionality. It also supports a growing ecosystem of dApps and non-fungible tokens (NFTs)3. Ethereum has a current supply of 120,364,335.86204651 ETH.
The last known price of ETH is $2,667.567261393. It trades on 9,364 active markets, with $15,417,705,822.57 traded in the last 24 hours3. The market capitalization of Ethereum is $321.69 billion3.
These features and statistics show Ethereum’s significant role in the cryptocurrency and blockchain world.
Ethereum Price and Market Capitalization
Ethereum (ETH) is the second-largest cryptocurrency by market cap2. It was created in 2015 by Vitalik Buterin. It has seen big changes, like switching to Proof-of-Stake (PoS), cutting energy use by 99.95%2.
Ethereum’s market cap is a huge $294.65 billion USD4. Its 24-hour trading volume is $17.37 billion USD4. This shows lots of investor interest and liquidity in Ethereum.
Ethereum’s price has gone up and down a lot. It hit an all-time high of $4,868.8 USD4. Now, it’s at $2,469.8 USD, up 0.86% in 24 hours4. Over the last week, it fell by -6.92%4. But in the past month, it went up by 1.91%4. In the last year, Ethereum’s price has jumped by 48.53%4.
Ethereum’s price and market cap are important to watch2. Its move to PoS and future updates will likely boost its use and value2.
How Much Is 1 ETH per USD?
The price of 1 Ethereum (ETH) is $2,466.73 USD1. If you want to convert 1 ETH to USD, you get about $2,466.731. The Ethereum to USD rate changes every day. This is due to market conditions, demand, and other factors5.
To see the current value of 1 ETH in USD, check real-time prices on crypto exchanges and financial sites.
| Ethereum (ETH) Quantity | USD Value |
|---|---|
| 1 ETH | $2,628.24 |
| 5 ETH | $13,141.21 |
| 10 ETH | $26,282.41 |
| 50 ETH | $131,412.07 |
| 100 ETH | $262,824.14 |
| 250 ETH | $657,060.35 |
| 500 ETH | $1,314,120.71 |
The Ethereum network started on July 30, 20155. It has about 120 million ETH in circulation5. In September 2022, Ethereum moved from Proof-of-Work to Proof-of-Stake5.
Ethereum’s value is also affected by its support for decentralized apps, sidechains, and layer 2 networks5.
Ethereum gas fees are set by multiplying gas price with gas used5. These fees go to validators for processing transactions5. Gas fees are usually lower when fewer people use the network, like weekends and nights5.
Ethereum is seen as a commodity, not a security, by the US CFTC5.
Ethereum Name Service (ENS)
Benefits and Use Cases of ENS
The Ethereum Name Service (ENS) is a new way to name things on the Ethereum blockchain. It makes Ethereum addresses easier to use by giving them names. This makes sending money safer and easier6.
ENS lets people create their own digital identities on Ethereum6. You can get your own ENS domain. It can show your Ethereum address and more. This makes it easy for others to find and connect with you6.
ENS also works well with apps and wallets6. Apps can use ENS domains to make it easier to send and receive money. This makes using decentralized apps more fun and easy for everyone6.
ENS makes Ethereum better in many ways. It makes it easier for people to use and enjoy the decentralized web6.
| Metric | Value |
|---|---|
| Current Price (ENS / USD) | $17.276 |
| Market Cap | $571.35M USD6 |
| 24-Hour Trading Volume | $77.84M USD6 |
| Price Change (Last 24 Hours) | -8.2%6 |
| Circulating Supply | 33.09M tokens6 |
| All-Time High Price | $85.696 |
“Ethereum Killers” and Competition
Ethereum is the second-largest cryptocurrency, but it has many rivals. These “Ethereum killers” include Solana, Cardano, Polkadot, Binance Smart Chain, and Avalanche. They aim to be faster, cheaper, and more scalable than Ethereum7.
Ethereum leads in dApps and DeFi thanks to its early start and updates like EIP-1559. But, new rivals like Solana, Cardano, and Polkadot are getting a lot of attention and money.
Binance Smart Chain (BSC) can handle over 68 transactions per second at a low cost. Ethereum can only do 14.3 tps at a higher cost8. Solana can handle about 50,000 tps, drawing DeFi and NFT projects. Cardano started with smart contracts in 2021 and has 69 dApps, much less than Ethereum’s 3,1008.
Even with rivals, Ethereum is still a big player in blockchain. It has $28.785 billion in DeFi protocols, 57.51% of all DeFi value7. Ethereum Name Service (ENS) makes Ethereum addresses easier to use, offering security and better access7.
The battle between Ethereum and its rivals will only get fiercer. Each will try to outdo the others to win developers and users. We’ll see which one comes out on top in the future.
EIP-1559 and Ethereum’s Fee Market
In August 2021, Ethereum got a big upgrade with EIP-1559. This update brought a new “base fee” for transactions. It aimed to make gas fees more stable and predictable9.
Impact of EIP-1559 on Ethereum’s Economics
Before EIP-1559, fees were based on Gas Limit and Gas Price9. Now, we have “max_fee_per_gas,” “max_priority_fee_per_gas,” and “BASEFEE.” The BASEFEE changes with network demand, lowering fee volatility9.
EIP-1559 also burns part of the BASEFEE, which could make Ethereum less common over time10. If it had started when Ethereum began, it could have burned up to 3.5 billion dollars’ worth of ETH10.
EIP-1559 has changed how we pay for transactions. For example, a transaction cost was 0.000652987416754842 ETH, or about $0.95820026522022269922 USD9. It has made waiting for transactions faster but hasn’t lowered fees much or made the network safer11.
The effects of EIP-1559 on Ethereum’s economy are still being studied. As Ethereum grows, watching how this upgrade changes fees, deflation, and user experience is key11.
Ethereum’s Supply and Issuance
Ethereum is the second-largest cryptocurrency by market value. It has a different way of handling supply and issuance than Bitcoin. Right now, there are 122.7 million ETH in circulation12.
In 2014, Ethereum sold over 60 million ether for $0.311 each13. This sale, along with 12 million ETH for the development fund, started Ethereum’s network13.
Ethereum doesn’t have a fixed maximum supply like Bitcoin. Its developers chose this to keep the network flexible and secure12. But, the EIP-1559 protocol in 2021 might make Ethereum deflationary. This is because it burns some transaction fees, reducing ETH supply13.
The rewards for mining Ethereum have changed over time. They started at 5 ETH per block in 2015, then dropped to 3 ETH in late 2017. By early 2019, they were 2 ETH per block13. Mining an Ethereum block now takes about 13-15 seconds13.
Ethereum is moving from proof-of-work to proof-of-stake, called “The Merge.” This started on September 15, 2022. It’s expected to cut Ethereum’s energy use by 99.9%, attracting more investors13.
The Merge will likely make Ethereum deflationary, with stakers earning 8% to 12% APR on their ETH13. This change is a big step for Ethereum. It aims to make the network faster, safer, and more sustainable, strengthening its role as a top blockchain platform.
Securing the Ethereum Network
The Ethereum network used to rely on Proof-of-Work (PoW) to keep it safe. This method needed lots of computer power from miners. But in September 2022, Ethereum changed to Proof-of-Stake (PoS), a big update called “The Merge.”14
In a PoS system, people stake their ETH to check transactions. This makes Ethereum use less energy and is better for the planet14. The switch to PoS makes Ethereum more secure and fair, as big mining groups have less power.
Proof-of-Work vs. Proof-of-Stake
Before, Ethereum miners used strong computers to solve hard math problems. They competed to check transactions and get rewards13. This was very energy-hungry and made Ethereum’s carbon footprint big14.
Now, Ethereum uses Proof-of-Stake. People who hold ETH help check transactions and add new blocks. They become “validators” and earn rewards for their work14. This change has made Ethereum use much less energy, making it better for the environment14.
The move to Proof-of-Stake has also made Ethereum safer15. With PoS, big mining groups have less power. This makes it harder for one group to control the network, making Ethereum more secure15.
Ethereum is always working to be more secure and open. The switch to Proof-of-Stake is a big step. It makes Ethereum a safer and greener blockchain platform14.
Where to Buy Ethereum (ETH)
If you want to buy Ethereum (ETH), you have many places to go. Coinbase, Binance, Kraken, and Gemini are some top choices1.
To start, create an account and verify your identity. After that, you can add money to your account. Then, you can buy Ethereum at the current price or set a price you want to pay1.
Remember, you need a safe place to keep your Ethereum. You can use a wallet from the exchange or a personal one. This keeps your Ethereum safe from hackers1.
Here are some of the best places to trade Ethereum and other cryptocurrencies:1
| Exchange | Features |
|---|---|
| Coinbase | User-friendly platform, high liquidity, and strong security |
| Binance | Wide range of cryptocurrencies, low trading fees, and advanced trading tools |
| Kraken | Emphasis on security, regulated exchange, and diverse trading options |
| Gemini | Regulated exchange, insurance on customer funds, and secure custody services |
Using these trusted exchanges, you can safely buy Ethereum. This adds to your collection of cryptocurrencies1.
Major Ethereum Network Upgrades
Ethereum is the second-largest cryptocurrency. It has had many big upgrades over time. These upgrades made Ethereum better, bigger, and more sustainable16.
The London Hard Fork
The London hard fork happened in August 2021. It brought in EIP-1559, changing how Ethereum pays for transactions13. This change also made Ethereum’s fees burn, which could make the currency less common13.
The Merge (Ethereum 2.0)
In September 2022, Ethereum changed to a new way of working called “The Merge.”13 This made Ethereum use much less energy, making it better for the planet13.
The Shanghai Upgrade
The Shanghai upgrade is coming soon. It will let Ethereum validators get their staked ETH back. This will make the network more flexible and secure16.
These upgrades have helped Ethereum grow and get more popular. They fixed big problems and set Ethereum up for success161317.
Future Developments and Roadmap
Developers are working hard to fix Ethereum’s main problems. They focus on making the network faster and more secure. This includes better wallet security and privacy18.
Layer 2 Scaling Solutions
Layer-2 solutions like rollups and sidechains are key. They make Ethereum transactions cheaper and easier to use. These solutions work on top of Ethereum, making it faster and cheaper without losing security18.
By moving some tasks to layer-2 networks, Ethereum can handle many more transactions. This solves the problem of slow transactions18.
Improved Wallet Security and Privacy
Vitalik Buterin, Ethereum’s co-founder, wants better wallet security. Developers are adding privacy features to protect users. This will help users feel safer and more in control of their data18.
Fixing these big technical issues will be tough. But it’s needed for Ethereum to keep growing. Soon, users will enjoy faster, safer, and more private Ethereum apps18.
Conclusion
Ethereum is the second-largest cryptocurrency and a top platform for many uses. The price of 1 ETH is $2,466.73 USD3. Its value changes with market trends and how people use it16.
Ethereum stands out because of its strong community and updates. It keeps its leading spot despite other blockchain platforms16.
Ethereum’s future looks bright with big plans like better scaling and security16. The rise of NFTs and the Ethereum Merge in 2022 have boosted its appeal16.
Many see Ethereum as a good long-term investment16. The Ethereum 2.0 upgrade aims to make it even better. This makes Ethereum’s future look very promising16.
