Why Ethereum Price is Up $0.50% Today as ETH Trades at $2,544

Ethereum (ETH) price today trades at $2,413.1 as of 11 PM. Ether prices hit a daily high of $2,555.6 today after rising -4.67% on May 24.

Ethereum Price is Up Today: Why?

The Ethereum price trades at $2,544 after recovering nearly 4% from the daily low of $2,460. This uptick is in line with Bitcoin’s 1.60% recovery bounce to $68,140. If this trend keeps up the New York open could propel the value of ETH higher after sliding lower all week.

Ethereum Price Charts

*Ethereum price updated as of 11 PM.

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 History

The year-to-date (YTD) performance of ETH is 8.17%, after dropping form double digits at the start of the week. As of May 24, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 299 days, would be worth nearly $10,817. Regardless of Ethereum’s lackluster performance its market capitalization stands at $290.5 billion.

Ethereum Market Cap: The Second-Largest Cryptocurrency

Ethereum ranks second in market capitalization, valued at $290.5 billion, after Bitcoin’s $1.15 trillion. Together, they comprise 83% of the crypto market.

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is $23.1 billion.

Ethereum Trading Volume

The 24-hour trading volume of Ethereum is $23.1 billion. Binance is the largest contributer to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, ByBit follow Binance.

Ethereum Blockchain Upgrade to PoS

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).

Ethereum Blockchain Upgrades in The Last 5 Years

Here are some of the critical upgrades in the past 5 years that have shaped and kept Ethereum as the second-largest crypto by market capitalization.

2024

• Cancun-Deneb (“Dencun”)

2023

• Shanghai-Capella (“Shapella”)

2022

• Paris (The Merge)
• Bellatrix
• Gray Glacier

2021

• Arrow Glacier
• Altair
• London
• Berlin

2020

• Beacon Chain genesis
• Staking deposit contract deployed
• Muir Glacier

Influence of ETH Gas on Ethereum Price

Ethereum’s upgrade aims to solve the blockchain trilemma: balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Post-upgrade, Ethereum’s transaction fees (gas fees) plummeted, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

As of May 24, the gas fee for a transaction on the ETH network as of 11 PM is 8.42 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.

Ethereum Price Prediction & Trends

Despite the ongoing downtrend in Bitcoin, the recent recovery rally shows promise if BTC manages to overcome the $69K hurdle and flip $70k into a stable support floor. Such a development could be key to improving Ethereum’s price performance as the first month of quarter four nears and end.

Ethereum prices 2024

As of ‘May 24, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at 6,855.89%

As seen from the above year-to-date (YTD) price performance chart, Ethereum is clearly the third worst performing asset after TIA and APT. POPCAT, SUI, SOL and BTC have the best YTD returns.