What is the current price of Ethereum?
As of 8 a.m. ET, the price of Ethereum, or 1 ETH, is trading at $2,899.76. The highest intraday price Ethereum reached in the past year was $4,088.00 on March 12, 2024.
Ethereum Price Chart
Please note that the chart above is pulling data as of 8 a.m. ET daily and does not display intraday highs or lows.
Despite not being the first altcoin, Ethereum is the most popular and successful. Launched in 2015, its blockchain has seen significant growth and returns over the past nine years.
Ethereum Prices
*The return comparisons are as of 8 a.m. ET.
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. With a global market capitalization of $360.98 billion, ETH is currently up 62.01% year over year.
Ethereum Market Cap
Today, Ethereum’s market capitalization stands at $360.98 billion, second only to Bitcoin. Combined, Bitcoin and Ethereum represent 69.79% of the entire cryptocurrency market. Following Ethereum, the third-largest crypto is BNB, with a market cap of $85.84 billion.
Bitcoin and Ethereum’s combined crypto market dominance has been steadily increasing since late 2022.
Ethereum’s market cap of $360.98 billion puts it in a similar range to major blue-chip stocks such as Home Depot (HD) at $343.32 billion and Johnson & Johnson (JNJ) at $360.79 billion.
What is Ethereum?
Ethereum is a blockchain-based network designed to facilitate secure, decentralized financial transactions, with its native cryptocurrency being Ether.
Unlike Bitcoin, Ethereum’s programmable blockchain allows users to verify and execute code securely, including smart contracts and decentralized applications. Smart contracts on the Ethereum network are software applications that run automatically on the blockchain when specific conditions are met.
The decentralized nature of the Ethereum network enables developers to run programs without relying on Big Tech companies or other third parties. Users can run applications by leveraging Ethereum’s network of small, private computers rather than cloud servers owned by large corporations.
Applications on the Ethereum blockchain include gaming, socializing, gambling, and decentralized finance options. Additionally, Ethereum is home to the world’s most significant non-fungible tokens (NFTs), unique digital creations representing ownership of digital property.
Ethereum Gas Price
Ethereum gas refers to the fee users pay to process transactions or use smart contracts on the network, similar to highway tolls. Gas fees are paid in gwei, with one gwei equaling one billionth of one ETH.
A History of Ethereum Prices
Ethereum Prices 2015-2020
Following its launch in July 2015, Ethereum hit an all-time low of 42 cents in October 2015. The cryptocurrency market saw significant growth in 2017, with ETH reaching $1,000 in January 2018 and peaking at around $1,300 shortly after.
CME Group’s announcement of bitcoin futures contracts in 2017 fueled Ethereum’s rally. However, enthusiasm for cryptocurrencies waned in 2018, leading to a crypto winter.
The next crypto boom began in 2020, driven in part by government shutdowns and stimulus checks that left many with extra income to invest in crypto.
Ethereum Prices 2021-2024
Ethereum prices hit $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, fueled by optimism about the U.S. economic outlook and regulatory approvals of bitcoin spot ETFs.
Ethereum Price vs. Bitcoin Price
Since Ethereum’s launch in 2015, both Bitcoin and ETH have been lucrative investments. The past year has seen a reversal in the performance gap between the two, with Bitcoin up 149.34% year over year compared to Ethereum’s 62.01% gain.
How to Buy Ethereum
Ethereum can be purchased on popular cryptocurrency exchanges like Binance, Coinbase, and Kraken, with the symbol ETH. Online brokerages such as Robinhood, Interactive Brokers, and Webull also support cryptocurrency trading. Additionally, Ethereum can be bought through payment apps like Venmo and PayPal or physical cryptocurrency ATMs.
How to Store Ethereum
Those buying Ethereum directly need to store their ETH in a cryptocurrency wallet, similar to a physical wallet for paper money. Private keys are required to send or receive cryptocurrency in a digital wallet, with hardware wallets and software wallet apps being common storage options.
Ethereum ETFs
In addition to direct purchases, Ethereum can be speculated on via Ethereum funds, with the first wave of Ethereum futures ETFs approved by the SEC in late 2023. These ETFs hold Ethereum futures contracts rather than investing directly in Ethereum. Some of the leading ethereum futures ETFs in the market include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH), and the Bitwise Ethereum Strategy ETF (AETH).
The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. However, Grayscale can only trade over the counter in the U.S. until it receives approval to convert into an ETF. This conversion is dependent on the SEC’s approval.
Ethereum investors are hopeful that the SEC will approve spot ethereum ETFs. Spot ETFs directly invest in the underlying cryptocurrency rather than futures contracts or other derivatives. Companies like Grayscale and BlackRock have applied for SEC approval in this regard.
Frequently asked questions (FAQs):
1. How is ethereum’s price determined?
Ethereum does not represent ownership of assets with tangible value and does not generate earnings, revenue, or cash flow. The price of ETH is determined solely by supply and demand. If the popularity of the ethereum network continues to grow in the long term, the demand for ethereum will likely increase over time.
2. Can you still mine ethereum?
No, since the ethereum network transitioned from a proof-of-work model to a proof-of-stake model, ethereum mining is no longer necessary. However, ethereum investors can still benefit from the proof-of-stake system by staking ETH.