Ethereum Price Today: ETH Rises 0.59%, Trading at $2,473
The price of Ethereum (ETH) is trading at $2,473.42 as of 8 a.m. ET, marking a 0.59% increase. Ethereum, launched in 2015, is one of the most recognized cryptocurrencies after Bitcoin.
Historical Performance
In the past year, Ethereum reached a 52-week high of $4,088.00 on March 12, 2024, and a 52-week low of $1,500.00 on August 17, 2023. Year-over-year, ETH has increased by 35%.
Market Capitalization
Ethereum has a global market capitalization of $297.78 billion, trailing only Bitcoin. For context, this market cap is comparable to major blue-chip stocks like Coca-Cola Co. at $293 billion and Merck & Co. at $281 billion. Together, Ethereum and Bitcoin make up 71% of the cryptocurrency market.
Why Ethereum Stands Out
Unlike Bitcoin, which primarily functions as digital gold, Ethereum offers programmable blockchain technology through smart contracts. These contracts automatically execute transactions when certain conditions are met, adding utility beyond simple transfers of value.
Blockchain Applications
Ethereum’s blockchain is widely used for decentralized finance (DeFi), gaming, socializing, and non-fungible tokens (NFTs). NFTs are unique digital assets representing ownership of digital items like art, music, and videos.
Gas Fees
To process transactions or use smart contracts on the Ethereum network, users pay gas fees. These are similar to tolls on a highway and are paid in gwei, a unit representing one billionth of one ETH.
Investment Milestones
Ethereum has seen notable price points throughout its history. It launched in July 2015 and hit its all-time low of 42 cents in October that year. The price surged to $1,000 by January 2018, driven by the announcement of Bitcoin futures contracts by CME Group.
In November 2021, Ethereum reached nearly $5,000 but fell below $900 in 2022 due to interest rate hikes and high-profile bankruptcies like the cryptocurrency exchange FTX. In 2023, a new rally began, reaching $2,473 today.
Investment Options
You can buy ETH on crypto exchanges like Binance, Coinbase, and Kraken. Online brokerages such as Interactive Brokers, Webull, and Robinhood also support ETH trading. Payment apps like Venmo and PayPal offer ETH purchase options, and cryptocurrency ATMs allow direct buys.
To store ETH safely, you can use a cryptocurrency wallet. Think of it as a digital version of a physical wallet. Wallets can be hardware-based, like USB sticks, or software apps on smartphones. Hot wallets are connected to the internet for ease of use, whereas cold wallets are offline and considered more secure.
Ethereum Funds and ETFs
In late 2023, the SEC approved the first Ethereum futures ETFs, allowing investors to speculate indirectly on ETH. These funds invest in Ethereum futures contracts rather than holding the cryptocurrency directly. In July 2024, ether spot ETFs like the iShares Ethereum Trust and Fidelity Ethereum Fund debuted on platforms like the New York Stock Exchange, Nasdaq, and Chicago Board Options Exchange.
Volatility in Cryptocurrency
Cryptocurrencies, including Ethereum, are highly volatile. While the market has shown significant growth, predicting future performance is fraught with uncertainty. Investors should proceed with caution, aware of potential risks and rewards.
