Did you know 1 Ethereum (ETH) is now worth $2,469.17 as of October 2nd, 20221? It’s the second-biggest cryptocurrency by market value, worth $297.21 billion1. In the last 24 hours, its price dropped by 5.94%, showing how fast crypto prices can change1. With a 24-hour trading volume of $26.49 billion, Ethereum is very active and liquid1.
The price of 1 ETH changes based on many things. These include how much people want it, how it’s used, and new things happening in the Ethereum world. Since starting in 2014, Ethereum’s price has grown a lot. It hit a record high of $4,379 in May 20211. Its price has swung a lot, from $0.70 to $21 early on, and up to $1,418 in January 20181.
Ethereum is a big deal in the digital world. It’s a key player for many apps and services. People watch its price closely. This shows how the whole crypto market is doing. Check out the latest Ethereum price and market.
Key Takeaways
- The current price of 1 Ethereum (ETH) is $2,469.17 as of October 2nd, 2022.
- Ethereum has a market capitalization of $297.21 billion, making it the second-largest cryptocurrency.
- The price of ETH has seen a 5.94% decrease in the last 24 hours, reflecting the volatility of the crypto market.
- Ethereum has experienced significant price growth since its 2014 ICO when the initial price was $0.31.
- Ethereum’s price has fluctuated widely, ranging from $0.70 to $21 in its early days and reaching a peak of $4,379 in May 2021.
What Is Ethereum (ETH)?
Ethereum is a special blockchain platform. It lets people make and run apps without a central boss. This is done with smart contracts2. It started in 2013 and went live in 20152.
Ethereum has its own money, called Ether (ETH). This money helps the platform work and makes deals happen.
Ethereum: A Decentralized Open-Source Blockchain
The Ethereum blockchain is not run by one person. It’s a team effort by computers all over the world2. This team makes sure the network is safe and fair.
Ethereum’s Origins and Initial Coin Offering
Vitalik Buterin, a programmer, started Ethereum. He wanted something more than Bitcoin’s blockchain2. In 2014, Ethereum raised over $18 million. This brought in many developers and fans.
Ethereum’s Goal: A Global Decentralized Platform
Ethereum wants to be a global platform for apps2. These apps can be for finance, games, or social media. Ethereum uses smart contracts to make these apps possible.
Who Are the Founders of Ethereum?
Ethereum is a new blockchain platform. It was started by a group of talented people. Vitalik Buterin, a programmer from Russia and Canada, first suggested it in 20133.
The team also includes Gavin Wood, who helped start the Ethereum testnet. He also created Solidity, the platform’s programming language4. Charles Hoskinson became Ethereum’s CEO and later started Cardano. Joseph Lubin started ConsenSys, helping new blockchain startups4.
The founders helped get Ethereum funded in 2014. They also keep working on the network3. Their hard work made Ethereum a big name in the world4.
| Ethereum Co-Founders | Key Contributions |
|---|---|
| Vitalik Buterin | Proposed the idea for Ethereum in a 2013 whitepaper |
| Gavin Wood | Developed the first Ethereum testnet and proposed Solidity |
| Charles Hoskinson | Became CEO of Ethereum before creating Cardano |
| Joseph Lubin | Launched ConsenSys, an incubator for Ethereum-based startups |
What Makes Ethereum Unique?
Ethereum is the second-largest cryptocurrency and is special because it supports dApps and smart contracts5. This tech lets developers make many blockchain solutions. These include financial services, gaming, and social media6.
Decentralized Applications and Smart Contracts
Ethereum’s smart contracts are key to its uniqueness. They are digital agreements that work on their own, without middlemen6. This makes Ethereum’s dApps ecosystem thrive, using a secure and open system5.
Ethereum dApps can do many things. They include financial services, gaming, and social media6. They use Ethereum’s blockchain and smart contracts, offering a decentralized choice6.
The Ethereum ecosystem is growing fast, thanks to DeFi and NFTs6. Ethereum 2.0 is making the network better, attracting more developers5.
What is Ethereum Name Service?
The Ethereum Name Service (ENS) is a new way to name things on the Ethereum blockchain. It makes long, confusing crypto addresses easier to use. Now, you can use names like “yourname.eth” instead of long codes7.
This makes the world of crypto easier for everyone to get into.
Human-Readable Names for Crypto Addresses
ENS turns long crypto addresses into simple names. You can choose a name like “yourname.eth” for your Ethereum address7. This makes sending and getting crypto, and using dApps, much easier.
ENS: The Web3 Version of DNS
ENS is like the internet’s DNS but for Web3. It connects names to blockchain addresses and other digital stuff8. This makes the decentralized web easier to use, letting users control their online world.
As Ethereum grows, ENS will help make the internet more open and easy for all78.
What is the value of 1 ETH?
As of October 2nd, 2022, 1 Ethereum (ETH) is worth $2,469.179. In the last 24 hours, Ethereum’s price dropped by 5.94%9. It has a market cap of $297.21 billion and a trading volume of $26.49 billion9.
Current Ethereum Price and Market Data
The top cryptocurrencies by market cap are: Bitcoin (BTC) at $61,133.00, down 3.41% in 24 hours9. Tether (USDT) is at $1.00, up 0.1%9. Binance Coin (BNB) is at $550.64, down 3.33%9. Solana (SOL) is at $145.14, down 4.95%9.
The exchange rate for 1 ETH is ₹12,293.55 in Indian Rupees, €2,458.71 in Euros, and £2,458.71 in British Pounds9. It’s also A$2,458.71 in Australian Dollars, $2,458.71 in Canadian Dollars, and more9.
The current Ethereum price is $2,469.179. But, its value has changed a lot over time10. For example, in September 2024, 1 ETH’s price was between $518.80 and $535.6710. In August 2024, its average price was $525.4010. In 2022, Ethereum’s yearly high was $1,269.4110.
What is an Ethereum Killer?
In the world of blockchain, an “Ethereum killer” is a new network trying to beat Ethereum. They aim to be better in function, growth, and use11. These new platforms want to take Ethereum’s place as the top smart contract and dApp platform12.
The blockchain world has grown a lot, making the debate between Ethereum and others more complex12. New blockchains focus on different things like growing fast, working with other networks, and keeping data private12. Coins like BNB, ADA, SOL, and DOT are seen as big rivals to Ethereum, based on Coinmarketcap data11.
These Ethereum killers started in 2016/2017 with blockchains like Cardano and EOS. They raised a lot of money in 201811. Avalanche is a top DeFi platform, showing Ethereum’s need for improvement11.
Ethereum can only handle 15 to 30 transactions per second, causing high fees and slow speeds11. This has led to new platforms that promise faster and cheaper transactions.
Solana uses a special method to handle lots of transactions quickly and cheaply12. It also makes it hard for miners to make extra money, which is good12. But, Solana’s needs for running full nodes might make it hard for others to join12.
Sui is known for its fast transactions and low fees, thanks to its unique design12. Even though Ethereum was big in DeFi in 2020, other blockchains are catching up11. The DeFi market grew a lot in 2021, showing there’s room for many blockchains11.
What Is EIP-1559?
Ethereum Improvement Proposal 1559, or EIP-1559, is a big update to Ethereum. It was added in August 2021 as part of the London Hard Fork13. This change makes Ethereum’s transaction fees better and less unpredictable14.
Base Fees and Priority Fees in Ethereum Transactions
EIP-1559 changed how Ethereum transaction fees work. It brought in two new fees: the base fee and the priority fee (or “miner tip”)15. The base fee changes based on how busy the network is, aiming for 50% block utilization15.
If blocks are too full, the base fee goes up by 12.5%. If they’re not full enough, it goes down by 12.5%14. This fee is then burned, removing it from the system forever13.
The priority fee is an extra fee for miners to include your transaction in the next block. It’s usually around 2.0 GWEI when the network is normal15. You can change this fee to get your transaction included faster when the network is busy.
EIP-1559 makes gas prices more stable and lowers fee swings13. Burning the base fee also makes ETH scarcer and more valuable over time13. But, some miners worry about making less money and how it might affect network safety13. It’s important for everyone to talk and work together for a smooth transition to EIP-155913.
How Many Ethereum (ETH) Coins Are There In Circulation?
There are about 122.7 million ETH in circulation16. Most of these tokens were sold in 2014 during an ICO. The ICO raised over 31,500 BTC, worth $18.3 million16. More than 60 million ether were sold for $0.311 each16.
Ethereum’s Issuance Schedule and the Difficulty Bomb
Ethereum’s plan is to slow down new ETH coming into the market. This is called the “Difficulty Bomb.” It aims to help switch to a new way of securing the network called proof-of-stake (PoS)16. In PoS, validators need to stake 32 ETH to keep the network safe16.
Ethereum’s Price History
Ethereum’s price has changed a lot, from $0.70 to $4,891.7016. It saw big price jumps in 2017 and 2021, hitting $42017 and over $4,30017. But, it has had trouble keeping its value up lately, staying between $1,100 and $2,100 in 2022 and 202317.
Experts think Ether’s price will be between $1,145 and $1,684 in 2024. This is because of the current crypto bear market16.
Ethereum changed to Ethereum 2.0, moving from PoW to PoS. This cut the network’s energy use by up to 99.99%17. Now, Ethereum is more eco-friendly1716.
Conclusion
Ethereum is a leading blockchain platform for apps and smart contracts. It offers a new way to develop decentralized technologies. With a price of $3,17318 and a market cap of $381,541,590,07918, Ethereum’s ether (ETH) is the second-largest crypto by value19.
The Ethereum ecosystem is growing fast. You’ll see more use of its blockchain in gaming19, finance, and other areas.
The future of Ethereum looks bright. Experts predict prices from $3,120 to $7,554 in 202418, and up to $42,634 by 203018. This shows the growing interest in Ethereum’s long-term potential.
Upgrades like the Dencun hard fork in 202419 will make Ethereum better. This will help with costs, security, and user experience. It will also help Ethereum grow more.
Ethereum is a big player in decentralized tech. It has the power to change many industries. It’s making the world more secure, open, and fair.
As an Ethereum fan, you have a lot to look forward to. The platform is always getting better. It’s shaping the future of the Ethereum ecosystem.
