Did you know Ethereum is the second-largest cryptocurrency? Its current price is $2,466.73 USD1. It has a big market cap of $296.91 billion and a 24-hour trading volume of $25.14 billion. Ethereum is a big player in digital assets1.
It was created in 2015 by Vitalik Buterin, a programmer from Russia and Canada. Ethereum lets users build and run dApps with Ether (ETH)2.
Key Takeaways
- Ethereum is the second-largest cryptocurrency by market cap, behind only Bitcoin.
- The current live price of Ethereum (ETH) is $2,466.73 USD.
- Ethereum has a 24-hour trading volume of $25.14 billion and a market cap of $296.91 billion.
- Ethereum was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer.
- All network transaction fees on Ethereum are required to be paid in Ether (ETH).
What Is Ethereum (ETH)?
Ethereum is a new kind of blockchain platform. It’s not just a cryptocurrency. It was first talked about in 2013 by Vitalik Buterin, a programmer from Russia and Canada. He wanted Ethereum to be a global, open-source place for apps3.
Ethereum’s Origins and Founder Vitalik Buterin
Buterin and his team got money for Ethereum in 2014. They raised $18.3 million in Bitcoin from people online3. The Ethereum Foundation started the blockchain on July 30, 2015. It was called “Frontier” back then4.
The Launch of Ethereum and Subsequent Network Updates
Since starting, Ethereum has had big updates. These include “Constantinople,” “Istanbul,” and “London” in 20213. Now, Ethereum has 122.7 million ETH out there3. The price has gone from $0.70 to $4,891.70, reaching a high in November 20213.
Ethereum’s Unique Features and Smart Contract Capabilities
Ethereum is an open-source, decentralized platform. It lets users create and run software, called decentralized applications (dApps). These are powered by Ether (ETH)5.
The main thing that makes Ethereum special is its smart contract functionality. This lets people create self-executing, autonomous programs. These programs run on the Ethereum blockchain6.
This feature has led to a lot of new things. Like decentralized finance (DeFi) apps, non-fungible tokens (NFTs), and more.
Ethereum supports many token standards. These include ERC-20, ERC-721, and ERC-1155. These standards help developers make and deploy custom tokens6.
These tokens can have unique properties. This makes it possible for a wide range of use cases. From cryptocurrencies to digital assets that are not the same as others.
The Ethereum network has seen big changes. Like the EIP-1559 update. This update changed how fees work and made Ether more deflationary6.
Also, the recent Ethereum Merge changed the network. It moved from proof-of-work (PoW) to proof-of-stake (PoS). This aims to make the network better in many ways5.
| Ethereum Features | Description |
|---|---|
| Smart Contracts | Self-executing, autonomous programs that run on the Ethereum blockchain |
| Token Standards | ERC-20, ERC-721, and ERC-1155 for creating custom tokens |
| Decentralized Applications (dApps) | Software applications built on the Ethereum platform |
| Decentralized Finance (DeFi) | Financial applications and services built on Ethereum |
| Non-Fungible Tokens (NFTs) | Unique digital assets built on the Ethereum blockchain |
As Ethereum keeps growing, its special features and smart contracts are driving new ideas. They are creating a lively ecosystem of dApps, DeFi, and NFTs65.
Ethereum Name Service (ENS) and Human-Readable Addresses
The Ethereum Name Service (ENS) changes the game for crypto7. It turns long, hard-to-remember Ethereum addresses into easy-to-use names7. This makes sending and getting money simple7.
ENS works on a system that can’t be taken over by one person7. This means your domain name is safe from being blocked or taken away7.
ENS is also very flexible7. It lets you link different kinds of content to your names7. This makes it easy to manage your online presence and digital identity7.
| Ethereum Name Service (ENS) Registration Fees | Price per Year |
|---|---|
| 5+ characters | $58 |
| 4 characters | $1608 |
| 3 characters | $6408 |
ENS has grown a lot, reaching a high of $85.6808. Now, it’s worth $17.27 per ENS/USD9. As of October 2, 2024, there are 33,086,761 ENS tokens out there8. The max supply is 100,000,000 ENS8. The market cap is $571.35 million USD9.
ENS runs on a system that’s open and fair7. It’s not controlled by one person7. This lets users help shape the future of ENS through the ENS DAO7.
With support from big names like KuCoin8, ENS is a safe and easy way to handle your digital stuff and identity.
How much is Ethereum 1 coin worth today?
Current Ethereum Price and Market Data
Today, Ethereum (ETH) is worth $2,466.73 USD1. Its 24-hour trading volume is $25.14 billion. The market capitalization is $296.91 billion, making it the second-largest cryptocurrency1. Over the past year, Ethereum’s price has ranged from $1,000 to $4,800. Its all-time high was $4,891.70 in November 202110.
Many things affect Ethereum’s value. These include user adoption, network upgrades, and competition from other blockchain projects. The overall sentiment in the cryptocurrency market also plays a role10. Ethereum is a Layer 1 network and a leading smart contract platform10. Its native cryptocurrency, Ether (ETH), has an annual inflation rate of about 4.5%10.
| Metric | Value |
|---|---|
| Current Ethereum Price | $2,466.73 USD |
| 24-Hour Trading Volume | $25.14 billion USD |
| Market Capitalization | $296.91 billion USD |
| Circulating Supply | 120.37 million ETH |
| Total Supply | 120.37 million ETH |
| 24-Hour Price Change | -2.49% |
The Ethereum network has seen big changes. These include the Ethereum Improvement Protocol (EIP-1559) and the Ethereum Merge. The Merge changed the network to a proof-of-stake (PoS) consensus mechanism11. These updates aim to make the network more efficient, secure, and scalable. They impact Ethereum’s value and adoption11.
Ethereum Killers and Competitors
Many blockchain projects are trying to beat Ethereum. They want to be the top in smart contracts and DeFi. These new blockchains are faster, cheaper, and more scalable. They aim to draw in developers and users looking for better options.
Some big names in this race are Solana, Avalanche, Polkadot, Cardano, and Binance Smart Chain12. Solana started in 2017 and is worth over $80 billion. It can handle over 2,600 transactions per second, way more than Ethereum’s 1512. Avalanche focuses on being fast, scalable, and flexible13. Polkadot lets different blockchains work together well, making specialized parachains13.
Ethereum is still the second-biggest cryptocurrency by market cap13. But these new platforms are gaining fans. Ethereum has over 80% of dApps and is way ahead in market cap and adoption14. Yet, the battle in smart contracts and DeFi is intense, with each offering something special.
The success of these “Ethereum killers” will depend on many things. Adoption rates, how well they work together, laws, and keeping their networks safe and fast are key13. Watching how Ethereum and its rivals compete will be exciting in the years to come.
EIP-1559 and Its Impact on Ethereum’s Supply
The Ethereum Improvement Proposal (EIP) 1559 was added in August 2021. It changed how Ethereum handles transaction fees15. Now, a part of the fee is burned with each transaction, reducing the ETH in circulation15.
ETH Circulating Supply and Issuance Rate
In September 2021, there were about 117.5 million ETH coins in use16. The original rate of 5 ETH per block was cut to 2 ETH in 2019. This change aims to keep the network secure16.
With EIP-1559, Ethereum’s growth rate is now 4.27% annually. This is lower than Bitcoin’s 1.78% growth rate16.
The burning of fees under EIP-1559 affects miners but could boost transaction numbers15. This update helps Ethereum 2.0 by reducing Ether supply and supporting sustainability goals15.
The EIP-1559 update has brought a new fee mechanism to Ethereum15. This could make Ethereum more deflationary over time15. It also makes fees more transparent, which might attract more investors15.
Ethereum’s Consensus Mechanism and Network Security
Ethereum is the second-largest cryptocurrency after Bitcoin. It changed its way of agreeing on transactions from proof-of-work (PoW) to proof-of-stake (PoS) in September 2022. This change, called “The Merge,” made Ethereum much more energy-efficient11.
Now, validators stake their ETH to keep the network secure10. They check transactions and add new blocks to the blockchain10. This new system makes Ethereum’s network stronger because validators want it to succeed.
The switch to PoS also fixed the “difficulty bomb” problem11. EIP-1559, introduced in the London hard fork, burns base fees in transactions. This could make Ethereum a deflationary asset11. Stakers can now earn 8% to 12% APR on their staked ETH, encouraging more people to help secure the network11.
Ethereum’s future looks bright with its focus on security and energy efficiency101117.
Where to Buy and Trade Ethereum (ETH)
Ethereum (ETH) is the second-largest cryptocurrency. You can buy and trade it on many trusted exchanges and platforms. Popular places for buying Ethereum and trading Ethereum include Binance, Coinbase, Kraken, Gemini, and FTX1.
These sites let you buy Ethereum with fiat like US dollars or other cryptocurrencies. They also have cool features for advanced Ethereum traders1.
| Cryptocurrency Exchange | Supported Fiat Currencies | Trading Features |
|---|---|---|
| Binance | USD, EUR, GBP, AUD, etc. | Spot, Margin, Futures, Options |
| Coinbase | USD, EUR, GBP | Spot, Advanced Trading |
| Kraken | USD, EUR, CAD, JPY | Spot, Margin, Futures |
| Gemini | USD, GBP, EUR | Spot, ActiveTrader |
| FTX | USD, EUR, AUD, GBP | Spot, Futures, Options, Lending |
When picking an exchange or platform for trading Ethereum, think about fees, security, and user experience. Look at different Ethereum exchanges and Ethereum trading platforms. This helps you find the best one for you as a cryptocurrency broker or investor1.
The London Hard Fork and EIP-1559
The Ethereum London hard fork happened on August 5, 2021. It brought in EIP-1559, changing how Ethereum handles transaction fees. Now, a “base fee” is burned, taking ETH out of circulation18.
This could make Ethereum less common, as more ETH might be burned than made18. EIP-1559 aims to make Ethereum gas fees less shaky. But it doesn’t always lower costs when the network is very busy18.
Since EIP-1559 started, over $1 billion worth of ETH has been burned19. The fee change has made the base fee more stable. It goes up or down 12.5% every block, based on demand19.
Experts think the burn could take out 2.56 million ETH each year. That’s $8.89 billion, or almost 2.2% of Ethereum’s total value19.
The London hard fork and EIP-1559 have changed Ethereum’s economy a lot1819. Gas price swings have gotten smaller, but fees are still high when the network is busy19. The rise of NFTs has helped stabilize the network’s value19.
The Ethereum Merge: Transitioning to Proof-of-Stake
The Ethereum network has made a big change. It moved from proof-of-work (PoW) to proof-of-stake (PoS) with “The Merge.”20 This change brings big improvements in energy use. It might also make Ethereum more valuable over time.
Key Changes and Benefits of the Merge
The Merge ended the need for mining, which used a lot of energy. Now, validators use their ETH to secure the network20. This makes Ethereum much more energy-friendly21. It could also make Ethereum scarcer and more valuable.
Ethereum’s Roadmap and Future Upgrades
Ethereum has a detailed plan for future upgrades. One big upgrade is sharding, which will make the network faster20. The network has already seen big changes, like the London hard fork and Arrow Glacier upgrade20.
With the Merge done, Ethereum is ready for more. It will be more energy-efficient and could become more valuable. It’s also getting ready for even more upgrades to make it better2221..
Conclusion
Ethereum is the second-largest cryptocurrency and a leader in decentralized apps, finance, and NFTs23. It has smart contracts and a powerful programming language. This has made a big ecosystem of new blockchain apps24.
Ethereum is strong because of its big developer community and updates like proof-of-stake24. It’s a big player in the crypto and blockchain world24. Ethereum will keep growing and be key in decentralized tech and crypto.
Ethereum’s price has gone up a lot, from under $400 to over $2,50023. It hit an all-time high of over $4,300 in May 202124. Experts think Ethereum could hit $5,000 by the end of 2021 and maybe $17,00023. The future of Ethereum looks very promising.
