Did you know 1 Ethereum (ETH) is worth $2,466.73 USD1? It has a huge market value of $296.91 billion. And it’s traded $25.14 billion in just 24 hours1. But what makes Ethereum so special? Let’s dive into its history, features, and current value.
Key Takeaways
- The current price of 1 Ethereum (ETH) is $2,466.73 USD.
- Ethereum has a market capitalization of $296.91 billion and a 24-hour trading volume of $25.14 billion.
- The circulating supply of Ethereum is 120.37 million ETH, with a total supply of 120.37 million ETH.
- Ethereum’s price has seen a 2.49% decrease in the last 24 hours.
- Ethereum is one of the most prominent and valuable cryptocurrencies in the world.
What Is Ethereum (ETH)?
Ethereum is a decentralized, open-source blockchain system. It has its own cryptocurrency, Ether (ETH)2. It was first thought of in 2013 by Vitalik Buterin2.
In 2014, Ethereum got $18.3 million from an online crowd sale. The ICO price was $0.31 per ETH2. It launched on July 30, 2015, as “Frontier.”2
Ethereum’s Origins and Development
Ethereum aims to be a global platform for decentralized apps. It lets users build software that’s safe from censorship and fraud3. It’s now the second-largest cryptocurrency, after Bitcoin2.
The platform is always improving. Ethereum 2.0 is coming, changing from Proof-of-Work to Proof-of-Stake2.
Ethereum’s Goal and Vision
Ethereum wants to be a place for developers to make and run dApps with smart contracts3. This idea of a decentralized internet, Web3, is getting a lot of attention and money. It could change many industries by cutting out middlemen and making things more open and safe2.
The live price of Ethereum (ETH) is always available on sites like Binance2. Ethereum’s price has changed a lot over time. This shows how it’s growing as a cryptocurrency and blockchain platform2.
Ethereum’s Unique Features
Ethereum is special because it lets developers make decentralized apps (dApps) with4 smart contracts. These programs run on the Ethereum blockchain. They do things automatically when certain conditions are met. This makes it easy to create things like DeFi protocols and NFTs.
Ethereum can handle many types of tokens, like ERC-20, ERC-721, and ERC-11555. It works a bit like Bitcoin, but it’s more versatile. Its support for smart contracts and dApps makes it a top choice for new blockchain ideas.
| Year | Ethereum Price (USD) | Ethereum Price (EUR) |
|---|---|---|
| 2015 | 0.42 | 0.38 |
| 2020 | 127.29 | 104.58 |
| 2021 | 730.37 | 600.86 |
| 2022 | 1,377 | 1,156 |
| May 2023 | 1,820 | 1,673 |
Ethereum’s price has grown a lot over the years. In 2015, 1 ETH was worth4 $0.42. By May 10, 2021, it hit a high of4 $4,200.86. This shows how popular and recognized Ethereum has become.
The Ethereum network has helped start new industries like DeFi and NFTs5. In 2020, the NFT market grew to over $250 million. This shows more people want unique digital assets from Ethereum.
Big names like institutions and organizations are now interested in Ethereum5. In April 2021, the European Investment Bank (EIB) said it would issue a digital bond on Ethereum. This shows Ethereum’s potential for new financial ideas.
How Much Is 1 ETH Worth Right Now?
As of October 2, 2022, 1 Ethereum (ETH) is worth $2,469.17 USD6. In the last 24 hours, Ethereum’s price dropped by 5.94%6. It has a market cap of $297.21 billion and a trading volume of $26.49 billion6.
Ethereum’s circulating supply is 120.37 million coins, with no limit6.
Ethereum started on July 30, 2015, with 11.9 million coins sold in the crowdsale7. This was about 13 percent of the coins in circulation7. The Merge happened on September 15, 2022, combining two layers into one7.
This change made Ethereum’s network more efficient by removing block mining7. To be a validator, you need to stake 32 ETH7.
Over the last year, ETH’s value has gone up by 52%6. ETH and bitcoin together make up 70% of the crypto market6. Ethereum’s blockchain supports finance, gaming, socializing, and gambling6.
Ethereum Name Service (ENS) Explained
The Ethereum Name Service (ENS) is a system built on the Ethereum blockchain. It lets users use easy-to-read names for their crypto addresses. This makes sending and receiving Ethereum and using apps easier8.
With ENS, you can have a name like “yourname.eth” instead of a long Ethereum address8.
Benefits of Ethereum Name Service
ENS makes using crypto and apps easier. No more long addresses to remember and type8. It also makes sending money safer by reducing mistakes8.
ENS works with other Web3 services. This means you can use your ENS domain in many places8.
ENS costs $17.27 per token and has a market cap of $571.35 million USD8. In the last 24 hours, its price went down by -8.2%8. The highest price paid for ENS was $85.698.
In the last hour, ENS price went up by +1.54%8. Over 30 days, it increased by +2.26%8. But, it has dropped by -20.58% in 60 days and -32.25% in 90 days8.
The fully diluted market cap of ENS is $1.73 billion. It has a maximum supply of 100 million tokens8.
Nick Johnson, the founder, is known for his blockchain and software skills8. ENS is a key part of the Web3 world. It makes managing crypto and apps easier8.
What Are Ethereum Killers?
In the world of blockchain, a new type of platform has come up. They are called “Ethereum killers.” These platforms aim to take on Ethereum’s lead in smart contracts and dApps. Some big Ethereum rivals are Solana, Polkadot, Cardano, and Avalanche. They have special features like faster speeds, lower costs, or new ways to agree on transactions.
Ethereum is a big name in crypto, after Bitcoin. It’s known for smart contracts. But, new platforms want to fix Ethereum’s problems like high fees and slow speeds.
For example, Solana can do up to 65,000 transactions per second. That’s way faster than Ethereum. Polkadot lets different blockchains talk to each other. Cardano, made by Ethereum’s co-founder, Charles Hoskinson, focuses on being secure and fast.
The battle between Ethereum and these new platforms will keep getting fiercer. This could lead to big improvements for all of decentralized tech9. How well these platforms do will depend on getting more developers, users, and adoption in DeFi and Web3.
EIP-1559: Ethereum’s Fee Market Change
Ethereum’s Improvement Proposal EIP-1559 has made a big change to its fee system. This update, added in the London hard fork in August 2021, changed how fees work10.
Impact of EIP-1559 on Ethereum
Now, EIP-1559 has a “base fee” that changes with network use. Users can also pay a “priority fee” for faster transactions. This has made Ethereum gas fees less unpredictable, but high costs still happen when the network is busy10.
EIP-1559 also burns some ETH from transactions, which could make Ethereum less common over time10. It’s expected to reduce ETH supply by about 1.4% each year10. Justin Drake’s model shows that after the merge, around 6,000 ETH could be burned daily, with 1,000 ETH issued daily10.
Even with these changes, Ethereum still faces risks, like for oracles, during busy times. Base fees can jump up quickly then10.
Ethereum’s Supply and Issuance
Ethereum is the second-largest cryptocurrency after Bitcoin. It has no limit on how many ETH can be made11. Right now, there are about 120.37 million ETH coins in circulation12.
The rate at which new ETH is made has gone down. This is because block rewards have been cut from 5 ETH per block to 2 ETH per block12.
The “difficulty bomb” also plays a role. It makes mining harder, which slows down new ETH creation11. The Ethereum community has come up with plans to manage ETH supply. For example, EIP-1559 introduced a new fee system11.
| Metric | Value |
|---|---|
| 24-hour price change | -5.94% |
| 24-hour high | $2,657.01 |
| 24-hour low | $2,414.44 |
| Market cap | $297.21 billion |
| Fully diluted valuation | $297.21 billion |
| 24-hour trading volume | $26.49 billion |
| Circulating supply | 120.37 million ETH |
| Total supply | 120.37 million ETH |
| Max supply | ∞ |
| Annual inflation rate of ether | about 4.5% |
| Initial Ether price during ICO | $0.31 |
| Ether issuance schedule |
|
| Ethereum price range | Between $0.70 and $21 from 2014 to March 2017 |
| Ethereum price ATH | $4,379 in May 2021 |
The Ethereum network’s supply and issuance are always being talked about and changed11. As Ethereum grows, the community keeps working to find the best way to make and distribute ETH11.
How the Ethereum Network Is Secured
The Ethereum network uses special codes and a way to agree on things. Before the Merge, it used a system where miners raced to add new blocks. Now, it uses a new system where people stake their ETH to help validate transactions13.
This change is expected to cut down on energy use while keeping the network safe13.
The network also has digital signatures, hashing, and checks on smart contracts. These help keep the blockchain safe from bad actors13. They are key to keeping Ethereum secure and reliable.
With the new system, people can earn rewards for helping the network13. This makes Ethereum stronger and more stable, as more people are involved in keeping it safe.
Overall, Ethereum’s security and the switch to a new system make it a solid choice for blockchain1312. These steps help Ethereum grow and be more popular in mining and DeFi.
Where to Buy Ethereum (ETH)
If you want to buy Ethereum (ETH), you have many places to go. Big names like Coinbase, Binance, Kraken, Gemini, and FTX let you buy, sell, and trade Ethereum. You can use different ways to pay, like money, other cryptocurrencies, or bank transfers14.
These sites also have cool features like margin trading and derivatives. This makes them great for people who invest in Ethereum.
Major Cryptocurrency Exchanges
When picking where to buy Ethereum, look at what each exchange offers. Check their fees, security, and how easy it is to use14. It’s also key to make sure the exchange follows the rules in your area.
| Exchange | Supported Payment Methods | Trading Fees | Security Features |
|---|---|---|---|
| Coinbase | Debit card, bank transfer, PayPal | 0.50% – 3.99% | Two-factor authentication, cold storage, insurance |
| Binance | Debit/credit card, bank transfer, peer-to-peer | 0.10% – 0.50% | Two-factor authentication, cold storage, bug bounty program |
| Kraken | Bank transfer, wire transfer | 0.16% – 0.26% | Two-factor authentication, cold storage, independent audits |
By looking at your options and picking a trusted exchange, you can safely buy Ethereum. Start your crypto journey. Always keep your Ethereum safe, like in a hardware wallet.
Ethereum’s Major Updates
Ethereum is the second-largest cryptocurrency. It has seen many big updates. The London hard fork and the Merge are two key ones.
The London Hard Fork
The London hard fork happened in August 2021. It brought the EIP-1559 update. This changed how Ethereum’s fees work.
It made fees more stable for users15. Today, Ethereum’s market value is $294.65 billion USD15. The 24-hour trading volume is $17.37 billion USD15.
The Merge: Ethereum’s Transition to Proof-of-Stake
The Merge happened in September 2022. It merged Ethereum’s old network with the Beacon Chain. This made Ethereum more energy-efficient12.
Ethereum’s current price is $2,469.17. The 24-hour trading volume is $26.49 billion12. The Merge could make Ethereum more sustainable by burning more ETH than it issues15.
The London hard fork and the Merge have changed Ethereum a lot. They’ve improved fees, energy use, and sustainability. Ethereum will keep getting better with more updates1.
Conclusion
Ethereum is a top Ethereum summary blockchain platform. It has become very popular in the world of cryptocurrency and dApps. The price of 1 ETH is $2,532.8, and its market value is $305.48 billion16.
This platform lets developers create many types of dApps with smart contracts. Ethereum’s upgrades, like the London hard fork and the Merge, have made it more energy-efficient. These changes have cut electricity use for mining by 99.5%16.
Ethereum keeps growing and improving. It’s a major player in the blockchain and cryptocurrency world. This makes it very important for the future of decentralized tech and the blockchain industry.
The Ethereum future outlook looks bright. Prices could go from $1,336.16 to $42,202.84 by 2033. The average price in 2032 is expected to be $30,703.1817. With ongoing development and adoption, Ethereum is set to be a key player in the future.
