Monday, October 2, 2023
by Hideo Nakamura
Rank #2
Ethereum (ETH)

Ethereum ETH

$ 1,726.23
0.06179010 BTC
$ 207,560,913,596
Volume (24h)
$ 9,469,223,888
Circulating Supply
120,238,637 ETH
Total Supply
120,240,108 ETH
All time high price: $ 4,878.26 64.61%
All time high date: November 10, 2021
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* Currency in USD
Historical Price for Ethereum
Ethereum Markets

Ethereum (ETH) price has increased 3.07% today!

Ethereum (ETH) is a cryptocurrency that operates on a blockchain. Currently, it is trading at $ 1,726.23 and a market capitalization of $ 207,560,913,596. The price of Ethereum has increased 3.07% in the last 24 hours. Currently, Ethereum ranks #2 among all cryptocurrencies by market capitalization and has a daily trading volume of $ 9,469,223,888.

Introduction to Ethereum

Ethereum is a leading-edge blockchain platform that leverages a Proof-of-Stake (PoS) consensus mechanism to power a vast array of decentralized applications (dApps). These dApps are facilitated by Ethereum’s distinctive feature – smart contracts, which are self-executing contracts with the terms of agreement directly inscribed into the code. This unique capability has allowed Ethereum to build an expansive ecosystem of dApps, encompassing:

In essence, Ethereum operates autonomously, free from centralized control, thus fostering decentralization.

Ethereum and Layer 2 Solutions

A key characteristic of Ethereum is its host of Layer 2 solutions. These offer a cheaper and faster way to process transactions on the blockchain. Some prominent solutions include:

  • Arbitrum: This Layer 2 solution aggregates multiple transactions into a single transaction on Ethereum, optimizing the transaction process.
  • Polygon’s Proof-of-Stake chain: This is a sidechain that operates parallel to the Ethereum blockchain, allowing for a significant increase in transaction throughput.

Ethereum’s Unique Feature: ERC-20 Tokens

Ethereum’s uniqueness is accentuated by the creation of ERC-20 tokens. These tokens act as native tokens for the applications that are built on the Ethereum blockchain. ERC-20 tokens can be used for:

However, it is crucial to note that gas fees, necessary for transactions, are still paid in ETH, Ethereum’s native cryptocurrency.

Journey of Ethereum: A Historical Perspective

The inception of the Ethereum project traces back to when Vitalik Buterin published the whitepaper in 2013. Following this, Gavin Wood released the yellowpaper in 2014, detailing the technical aspects of Ethereum’s functioning. Ethereum kickstarted its journey with a fundraising sale in September 2014, leading to the network’s launch in July 2015. A pivotal moment in Ethereum’s history was its transition from Proof-of-Work to Proof-of-Stake consensus, known as “the Merge,” on September 15, 2022.

Ethereum’s Future: The Introduction of Sharding

With the completion of the Merge, the final stage of Ethereum 2.0, known as sharding, is set to be implemented. Sharding involves splitting the database on the Ethereum blockchain into 64 shard chains. The benefits of sharding include:

  • Reducing the verification load for validators, who only need to verify their respective shards
  • Lowering the barrier to entry for prospective node operators
  • Encouraging further decentralization
  • Improving scalability
  • Potentially reducing the gas fees on the Ethereum network

Ether (ETH): Use Cases and Utilities

Ether (ETH) is the native cryptocurrency of the Ethereum network, powering its operations. Some key functions of ETH include:

  • Paying for gas fees for transactions on the Ethereum blockchain, denominated in ‘gwei
  • Rewarding stakers for securing the Ethereum network
  • Being traded as a cryptocurrency on various centralized and decentralized exchanges
  • Serving as collateral for loans in DeFi platforms

As a store of value and a medium of exchange, ETH shares similarities with Bitcoin. However, its additional functionalities of paying for transactions and staking set it apart in the blockchain ecosystem.

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