Ethereum price today trades at No data found for ethereum on 3 minutes ago as of No data found for ethereum on 3 minutes ago. The drop comes after ETH hit a daily high of No data found for ethereum on 3 minutes ago after No data found for ethereum on 3 minutes ago% move on December 16.
Ethereum Price Today is Up As ETH Trades at No data found for ethereum on 3 minutes ago
As noted in a pervious CoinGape article, Ethereum price rejected from the parallel channel’s midpoint twice in the past four days. But the $3,900 support level holds, preventing a further crash. As this price action unfolds, on-chain analysis of ETH holders reveals that 92% are in the money, while 3% are at breakeven and the remaining 2% are out of the money.
How will this impact Ether prices in the short-term? Will ETH continue its uptrend or crash lower? Let’s find out.
Ethereum Price Chart Today
*Ethereum price updated as of No data found for ethereum on 3 minutes ago.
Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.
Ethereum Price Outlook
ETH’s year-to-date (YTD) performance continues to increase and currently sits at 75.29%. This recent slump in Bitcoin price has affected the YTD gains, which have dropped from 50% since November 11.
Ethereum: The Second-Largest Crypto By Market Cap
Ethereum ranks second in market capitalization, valued at No data found for ethereum on 3 minutes ago, after Bitcoin’s $2 trillion. Together, BTC & ETH’s market capitalization constitutes 83% of the total crypto market cap.
- Solana (SOL): $109 billion
- Ripple (XRP): $138 billion
- BNB (BNB): $104 billion
In addition to a massive market cap, Ethereum’s 24-hour trading volume sits at No data found for ethereum on 3 minutes ago.
Ethereum’s Crypto Trading Volume Soars
The 24-hour trading volume of Ethereum is No data found for ethereum on 3 minutes ago. Binance is the largest contributor to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, and ByBit follow Binance.
Ethereum Blockchain Runs on Proof-of-Stake Technology
The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).
Important Upgrades to Ethereum Blockchain
Here are some key upgrades in the past five years that shaped Ethereum as the second-largest crypto by market capitalization.
2024:
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Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.
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Shanghai-Capella (“Shapella”): Enabled the withdrawal of staked Ether (ETH), marking a significant milestone in Ethereum’s transition to a Proof-of-Stake (PoS) consensus algorithm.
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Paris (The Merge): Successfully transitioned Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm, reducing energy consumption and increasing security.
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Bellatrix: Prepared the Ethereum network for The Merge by introducing the necessary PoS consensus logic.
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Gray Glacier: Delayed the “difficulty bomb” that would have slowed down the network, ensuring a smooth transition to PoS.
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Arrow Glacier: Delayed the “difficulty bomb” again, providing more time for the transition to PoS.
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Altair: Introduced several improvements to the Beacon Chain, including better validator incentives and enhanced security.
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London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.
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Berlin: Introduced several protocol upgrades, including improved gas efficiency and enhanced security features.
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Beacon Chain genesis: Launched the Beacon Chain, marking the beginning of Ethereum’s transition to PoS.
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Staking deposit contract deployed: Enabled users to deposit ETH and participate in the PoS consensus algorithm.
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Muir Glacier: Delayed the “difficulty bomb” to ensure a smooth transition to PoS.
ETH Gas’ Effect on Ether Prices
The blockchain upgrades Ethereum receives aim to solve the trilemma of blockchain, i.e., balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Ethereum’s transaction fees (gas fees) plummeted post-upgrade, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.
As of December 16, the gas fee for a transaction on the ETH network as of No data found for ethereum on 3 minutes ago is 12 Gwei.
When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.
The post Ethereum Price Today As 92% ETH Holders Are Profitable appeared first on CoinGape.
