What is the Current Price of Ethereum?
As of 8 a.m. ET, the price of Ethereum, or 1 ETH, is trading at $3,382.09. The highest intraday price Ethereum reached in the past year was $4,088.00 on March 12, 2024.
Ethereum Price Chart
The chart above pulls data as of 8 a.m. ET daily and does not display intraday highs or lows.
Although Ethereum is not the first altcoin, it is the most popular and successful. Launched in 2015, its blockchain has seen tremendous growth and returns over the past nine years.
Ethereum Price History
*The chart above pulls data as of 8 a.m. ET daily and does not display intraday highs or lows.
Ethereum’s 52-week intraday high was $4,088.00 on March 12, 2024, while its 52-week intraday low was $1,500.00 on Aug. 17, 2023. The altcoin has made significant waves in global financial markets, amassing a market capitalization of $409.10 billion and currently up 82% year over year.
Ethereum Market Cap
Today, Ethereum’s market capitalization of $409.10 billion is second only to Bitcoin’s. Together, Bitcoin and Ethereum represent 71% of the entire cryptocurrency market. While Ethereum leads the altcoin market, other altcoins like Solana, XRP, and DOGE also have relatively high market capitalizations.
Bitcoin and Ethereum’s combined market dominance has trended steadily higher since late 2022. Ethereum’s market cap of $409.10 billion is comparable to major blue-chip stocks like UnitedHealthcare Group and Mastercard.
What is Ethereum? And How Does Ethereum Work?
Ethereum is a blockchain-based network designed to facilitate secure, decentralized financial transactions. The network’s native cryptocurrency is Ether.
Unlike Bitcoin, Ethereum’s programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the Ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.
The decentralized nature of the Ethereum network allows developers to run programs without relying on Big Tech companies or other third parties. Applications on the Ethereum blockchain range from gaming and socializing to decentralized finance options. Additionally, Ethereum is home to the world’s most significant non-fungible tokens (NFTs).
Ethereum Gas Price
Ethereum gas is the fee users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls, and the unit of measurement for gas fees is gwei.
Ethereum Price History
Ethereum Prices 2015-2020
Shortly after its launch in July 2015, Ethereum hit its all-time low of 42 cents in October 2015. The cryptocurrency saw significant growth in 2017, reaching $1,000 for the first time in January 2018.
The popularity of cryptocurrencies continued to rise, leading to ETH prices peaking at around $1,300 less than two weeks later. The announcement of Bitcoin futures contracts by CME Group drove Ethereum’s 2017 rally.
However, enthusiasm for cryptocurrencies waned in 2018, leading to a crypto winter. The next crypto boom began in 2020, driven by various factors including government shutdowns and stimulus checks.
Ethereum Prices 2021-2024
Ethereum prices peaked at $4,891.70 on Nov. 16, 2021, but a cooling interest in risk assets in 2022 led to a dip below $900 during the crypto winter. The rally resumed in 2023 and 2024, boosted by positive economic outlooks and regulatory approvals.
In May 2024, the SEC approved applications for ether ETFs, further influencing Ethereum prices.
Ethereum Price vs. Bitcoin Price
Since Ethereum’s launch in 2015, both Bitcoin and ETH have been strong investments. Recent enthusiasm for Bitcoin spot ETFs has narrowed the performance gap between the two major cryptocurrencies.
How to Buy Ethereum
Ethereum can be bought on popular cryptocurrency exchanges like Binance, Coinbase, and Kraken. It is also available on online brokerages and payment apps like Venmo and PayPal. Additionally, Ethereum can be purchased directly from cryptocurrency ATMs.
How to Safely Store Ethereum
Those buying Ethereum directly must store their ETH in a cryptocurrency wallet, which can be hardware or software-based. Private keys are essential for accessing and managing cryptocurrency in a digital wallet.
Hot wallets are often seen as more convenient for accessing your cryptocurrency, but cold wallets offer a higher level of security. Cold wallets, also known as offline wallets, store your cryptocurrency offline, making them less vulnerable to hacking or cyber attacks.
In addition to purchasing ethereum directly, you can also invest in ethereum through ethereum funds. The Securities and Exchange Commission (SEC) approved the first wave of ethereum futures Exchange-Traded Funds (ETFs) in late 2023. These ETFs do not directly invest in ethereum, but instead hold ethereum futures contracts. Some popular ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), ProShares Ether Strategy ETF (EETH), and Bitwise Ethereum Strategy ETF (AETH).
The Grayscale Ethereum Trust (ETHE) tracks the price of ETH and currently holds approximately $11 billion in assets.
In May 2024, the SEC made a significant decision to allow ETFs to buy and hold ethereum directly. This decision follows a similar approval for bitcoin ETFs in January 2024. The approval of ether ETFs indicates a growing acceptance of cryptocurrencies in the financial market.
FAQs:
1. How is ethereum’s price determined?
Ethereum’s price is determined by supply and demand, as it does not represent ownership of physical assets or generate revenue. If the popularity of the ethereum network continues to grow, demand for ethereum is likely to increase over time.
2. Can you still mine ethereum?
No, mining ethereum is no longer necessary since the network transitioned to a proof-of-stake model. However, investors can still earn rewards by staking their ETH in the proof-of-stake system.