Category Archives: Ethereum
Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say – Cointelegraph
Ethers price could be on track to reach a new all-time high as the industry is about to witness the launch of the first spot Ether exchange-traded funds (ETFs), which could occur as soon as next week.
Ethers (ETH) price could be on track to a new all-time high after the launch of the first United States spot Ether ETFs, according to Matt Hougan, chief investment officer of Bitwise.
Hougan cited three main reasons for Ether reaching a new all-time high, including ETHs inflation rate, the fact that Ether stakers arent selling like Bitcoin (BTC) miners and that 28% of Ether supply is already out of the market.
In a July 16 blog post, Hougan wrote:
Other factors also point to an incoming rally, including the number of Ether withdrawals from centralized exchanges, according to crypto analyst Leon Waidmann.
The analyst wrote in a July 19 X post:
However, Ether futuressuggest little confidence in the chance of Ether breaking above the $4,000 mark in the short term, as the $3,500 mark remains a significant resistance zone.
Ethers relative strength index (RSI) also suggests that Ethers price needs to cool down before rallying to a new all-time high. On the daily chart, Ethers RSI rose to 58, which suggests that the asset is not yet overbought but is trading above its fair value, according to TradingView data.
The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
Related: Bitcoin analysts say 74K is the next stop for BTC price
Ethers price could first see a sell-the-news event after the initial ETF launch before starting its sustained rally toward new all-time highs.
Hence, the real opportunity to invest in Ether long term could come after the first few weeks of the ETF debut, according to Alvin Kan, chief operating officer of Bitget Wallet.
Kan told Cointelegraph:
ETHs price will be able to climb in a more sustained manner after the initial shakeout, added Kan:
Other analysts expect the Ether ETF to have wider ramifications on the altcoin market. For instance, popular crypto trader Mikybull expects the ETFs to catalyze the next altcoin bull market cycle.
The trader wrote in a July 19 X post:
Ethers price rallied over 11% during the past week, but ETH is still trading 29% below its old all-time high of $4,890 reached in November 2021.
Related: Bitcoin bears trapped, but can BTC price surpass $70K by August?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say - Cointelegraph
Shiba Inu and Ethereum: Price Prediction Analysis – Watcher Guru
Shiba Inu and Ethereum have become some of the most important players in the cryptocurrency market. Were not surprised about this fact.
This analysis examines their current positions, recent performance, and future price predictions to understand how they will evolve.
Also Read: Shiba Inu or Pepe Coin: Which Cryptocurrency Can Reach $0.01 First?
On July 17th of this year, Shiba Inu (SHIB) traded at $0.00001930, with a market capitalization of $9,477,145,257. Amazing, right? Ethereum (ETH), on the other hand, is priced at $3,489.79.
Shiba Inu has experienced some unexpected price changes over the past year. The chart shows a spike in early 2024, which was then followed by a correction. Despite this volatility, SHIB has kept a relatively stable price recently.
The Ethereum Price chart shown above shows a more consistent growth over the same period. The cryptocurrency has shown an upward trend since early 2024, with some occasional fluctuations.
Also Read: Ethereum ETFs Expected to Officially Launch July 23
Shiba Inus indicators show the 50-day SMA is at $0.00001999, while the 200-day SMA is a bit lower, at $0.00001962. This close value suggests that its price is hovering around moving averages. Furthermore, the 14-day RSI is at 56.63.
Ethereums indicators show a more bullish trend: The 50-day SMA stands at $3,447.97, and the 200-day SMA is lower at $3,105.22. This difference suggests that its price is trending above the long-term moving average.
The price predictions for Shiba Inu show a mixed outlook. In the short term, a significant spike is expected during the next 5 days. This might be caused by market speculation of upcoming events.
Unfortunately, this surge is most likely going to be short-lived, with decreases forecasted for the one-month, three-month, and six-month periods.
The long-term outlook looks more positive, with a large increase predicted for the 1-year mark.
Ethereums price predictions are more bullish than SHIB, and that is obvious at this stage. The forecast suggests steady growth across all time frames, with an important boost in the three-month and six-month periods. Thats very interesting.
This positive outlook is due to Ethereums strong fundamentals and the development of network upgrades.
The 1-year prediction also shows that it might continue to grow. Even if the 2025 prediction is lower than the 1-year forecast, it still represents a large increase from the current price.
The price predictions for Shiba Inu and Ethereum show different paths. Even though Ethereum has a constant positive outlook, Shiba Inu is more volatile and has short- and long-term growth potential.
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Shiba Inu and Ethereum: Price Prediction Analysis - Watcher Guru
Ethereum co-founder Vitalik Buterin warns against voting on crypto policy, as a16z founders endorse Trump – Fortune
One of cryptos most influential voices has warned the industry to refrain from voting for political candidates based solely on their digital asset policies. In a blog published Wednesday, Ethereums co-founder Vitalik Buterin argues that electing candidates simply for being crypto friendly could hurt the industry more in the long-run. Considering whether candidates are ideologically at-odds with what crypto stands for, is more important than if they endorse the right to trade coins in the here and now, he argues.
If you care about freedom, you might want the government to respect your freedom to have the kind of family you want. If you care about building more efficient and equitable economies, you might want to look at the implications of that in housing, he continues. Buterin added that losing site of these bigger questions could lead crypto voters to lose sight of the ideals that originally created crypto in the first place.
In his view, crypto payments are just one iteration of the decentralization movements larger ideological goal of freedom, and a partys commitment to protecting this goal is what should be on the ballot. Decentralized networks are good at protecting freedom, and money is an important sphere where such networks can be applied but its one important sphere among several, he writes.
Trump, who has committed to be the crypto president, will speak at Bitcoin 2024 next week, an annual conference that also serves as a tribal gathering for fans of the original cryptocurrency. Details of what he will discuss have not been disclosed. David Bailey, CEO, BTC Inc., the organizer of the Bitcoin Conference, told Fortune in a statement that Trump will share his vision for the future of the American Bitcoin industry and its impact on the U.S. economy.
In his blog post, Buterin also listed examples of technologies that should also be protected in the name of freedom, beyond just crypto and blockchains. This includes encrypted messaging, privacy from centralized AI companies, and prediction markets and Community Notes that he argues help people form high-quality opinions about important topics in an adversarial environment.
Buterins appeal to higher ideals, however, was quickly met with suggestions he was ignoring political reality.
Much of this seems too clever by half. Good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time, responded prominent crypto layer Jake Chervinsky on X. Another user added, The underlying goal has to be mass adoption, which requires good policy. The tech is inherently democratic.
Buterins blog comes just one day after Ben Horowitz and Marc Andreessen, co-founders of tech venture capital firm a16z, announced their endorsement of Donald Trump on a podcast. For little tech, we think Donald Trump is actually the right choice. Sorry mum, I know youre going to be mad at me for this, but we had to do it, Horowitz said. On that same podcast, Andreessen expressed his fears over how the Democrats might regulate Silicon Valley: My big concern is what we saw in crypto was the foreshadowing of whats gonna happen in AI.
The a16z founders arent the first prominent members of the industry to make their support for Trump public.
I am going to vote for the person whos going to do the best job for our economyI am a voter when it comes to economics, and on that basis, Trump. ARK Invest CEO Cathie Wood said during an interview with YouTuber Kevin Paffrath last month.
In addition, this week it was reported that Tesla CEO and meme coin enthusiast Elon Musk is donating $45 million per month to a new pro-Trump super political action committee, called America PAC. Further donors to the lobbying group include the Winklevoss twins, who founded crypto exchange Gemini, and former U.S. Ambassador to Canada, Kelly Craft, who has lobbied on behalf of the Bitcoin mining industry.
Prominent crypto figures turning to Trump is also indicative of a wider shift. A June survey by Paradigm found that 13% of Republican swing voters are now more convinced to vote for him in light of his recent crypto conversion. Moreover, just over one third of Republicans view crypto positively, the survey found.
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Ethereum ETFs will have a bigger impact on ETH price: Bitwise – Cointelegraph
United States spot Ether exchange-traded funds will have a rough start but could have a bigger impact on the assets price than Bitcoin ETFs did for BTC, according to Bitwise Chief Investment Officer Matt Hougan.
The first few weeks could be choppy, as money may flow out of the $11 billion Grayscale Ethereum Trust (ETHE) after it converts to an ETP, Hougan stated.
By year-end, Im confident the new highs will be in, he added, reiterating not to expect significant results immediately given the potential selling pressure similar to what spot Bitcoin (BTC) ETFs faced upon trading launch on Jan. 11.
Hougan gave three main reasons why he believes Ether ETFs will have a bigger impact on the asset's price: Ethers inflation rate effectively amounts to zero, given the widespread usage of Ethereum-based applications compared to the small amount of ETH created daily.
Also, Bitcoin miners are forced to sell Bitcoin to maintain operations due to it being expensive, requiring high-end computer chips and loads of energy,. In contrast, those staking ETH do not have significant direct costs.
Another reason is that approximately one-third of all ETH (28%) is staked and locked away for a period of time. Currently, 28% of all ETH is staked, meaning it is effectively off the market, he said.
Hougans comments come amid growing anticipation for the launch of the spot Ether (ETH) ETF, which is expected to debut on July 23, according to Bloomberg ETF analyst Eric Balchunas.
Hougan predicts that the product will push Ethers price above $5,000 by the end of 2024, a 47% increase from its current price of $3,401, as per CoinMarketCap data.
However, the prediction might be conservative if inflows exceed market expectations, according to Hougan.
If flows are stronger than many market commentators expect, the price could be much higher still, he declared, mirroring the prediction of pseudonymous crypto trader Daan Crypto Trades, who also believes that the amount of potential inflows into Ether ETFs has been underestimated.
Related: SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca
My expectation is still a little more optimistic in terms of ETF flows than most, Daan Crypto Trade wrote in a July 17 X post.
They further pointed out that Ethers price is sitting on top of the 200-day Moving Average (MA) and will eventually break out surrounding the ETF launch.
Meanwhile, pseudonymous crypto trader Kaleo is of the opposite opinion to Daan Crypto Trades believing that the price will spiral downward upon Ether ETF launch.
Gonna be a contrarian here and say that I believe Ethereum actually dips a bit next week vs. BTC, they added.
While Hougan is optimistic about Ethereum reaching $5,000 and beyond by the years end, futures traders are betting on a near-term decline in Ethereums price.
A 10% increase to $3,750 will wipe $1.31 billion in short liquidations, whereas 10% dip on the downside will erase $544.39 in long positions, according to CoinGlass data.
Magazine: Bitcoin $500K prediction, spot Ether ETF staking issue Thomas Fahrer, X Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ethereum ETFs will have a bigger impact on ETH price: Bitwise - Cointelegraph
Spot Ethereum ETFs are coming, but ETH derivatives markets are flat – Cointelegraph
Etherprice rallied 12.5% between July 12 and July 15, but strong resistance at $3,500 halted the bullish momentum. The subsequent correction down to $3,400 on July 18 occurred despite the United States Securities and Exchange Commission approving two additional spot Ethereum exchange-traded funds (ETFs). Despite this positive development, Ethers derivatives market has shown little excitement.
The SEC reportedly gave preliminary approval to at least three issuers to begin trading spot Ether ETFs on July 23. A total of eight spot Ether (ETH) ETFs are awaiting final regulatory approval after amendments to the funds S-1 filings.
Bitwise Chief Investment Officer Matt Hougan expects Ethers price to reach $5,000 by the end of 2024, citing its low equivalent inflation rate, lack of significant cost for validators, and 28% supply locked in staking.
Given the total crypto market capitalization gained 43% year-to-date in 2024, it is puzzling why Ethers investors lack bullishness, despite the spot ETH ETF momentum. Furthermore, volumes on Ethereum decentralized applications (DApps) rose 7% in the last 30 days to $221 billion, according to DappRadar data. In comparison, competitor BNB Chain saw a 25% decline in activity, while Solana experienced a 16% drop in volumes.
In terms of DApps deposits, the Ethereum network remains the leader with 17.5 million ETH in total value locked (TVL), equivalent to $59.8 billion, according to DefiLlama data. This metric remained flat from the prior month, while competitors Solana and BNB Chain hold approximately $4.8 billion each.
Additionally, activity in Ethereums layer 2 ecosystem increased, with the aggregate native TVL rising by 8.5% over the past 30 days to $14 billion, according to L2Beat data. Thus, Ethereum onchain data shows no signs of weakness.
From a macroeconomic perspective, the latest US Producer Price Index was 2.6% above the prior year, slightly above the market consensus of 2.3%. This indicates that the US Federal Reserve (Fed) still has work to do to curb inflation, meaning price pressure will continue to hurt demand for a while.
Moreover, Chinas disappointing 4.7% yearly gross domestic product growth could spell trouble for global stock markets.
Additionally, the US Department of Labor reported 243,000 initial jobless claims were filed in the week ending July 13, the highest level since August 2023. The signs of a cooling labor market increase the odds of the US Fed cutting interest rates over the next couple of months, according to Goldman Sachs chief economist Jan Hatzius, as reported by Yahoo Finance.
There is no indication that investors are exiting risk markets, which is evident as the S&P 500 index is only 2% below its all-time high from July 16. Meanwhile, Ethers price needs to gain 43% to surpass the $4,868 mark set in November 2021.
To assess whether crypto traders are gaining confidence, one should analyze the Ether futures premium. In normal markets, these contracts should trade 5% to 10% higher than regular spot markets to account for their extended settlement period.
Related: Bitcoin ETFs have 4-8X more BTC price influence than miners Research
The Ether fixed-month contracts annualized premium, or basis rate, currently stands at 11%, indicating moderate optimism. However, this indicator has not sustained levels above 12% for the past month, which is somewhat concerning given the potential inflows from the upcoming spot ETF launch in the US. For comparison, Bitcoins (BTC) basis rate also stands at 11%, indicating there is no excessive bullishness among Ethereum investors.
Ether bulls might argue that the current lack of confidence leaves room for a surprise if the expectation of strong spot ETF net inflows is confirmed. Still, given that Ethers price failed to rally despite a bullish scenario for risk-on assets, the ETH derivatives metrics point to investors lack of appetite, making a bull run above $4,000 less likely.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Spot Ethereum ETFs are coming, but ETH derivatives markets are flat - Cointelegraph
Ethereum price today: ETH is up 44% year to date – USA TODAY
What is the current price of ethereum?
The price of ethereum, or 1 ETH, traded at $3,448.06, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024.
The return comparisons are as of 8 a.m. ET.
Although ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015. Its blockchain has generated tremendous growth and returns over the past nine years.
*The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.
Ethereums 52-week intraday high was on March 12, 2024, trading at $4,088.00 per ETH. Its 52-week intraday low was $1,500.00 on Aug. 17, 2023.
The leading altcoin has shifted global financial markets and amassed a global market capitalization of $414.65 billion. ETH is currently up 82% year over year.
Today, ethereum's $414.65 billion market capitalization is second to bitcoin's. Together, bitcoin and ethereum represent 71% of the entire cryptocurrency market. While ethereum is the leading altcoin, other altcoins have relatively high market capitalizations. A few include solana with a market cap of $93.32 billion, XRP at $61.31 billion and everyones favorite meme coin DOGE at $18.02 billion.
Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.
Ethereum's market cap of $414.65 billion is similar to some major blue-chip stocks, such as UnitedHealthcare Group (UNH) at $464.21 billion and Mastercard (MA) at $405.70 billion.
Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.
Unlike bitcoin, ethereums 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 ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.
Applications on the ethereum blockchain include gaming, socializing, gambling and decentralized finance options. The ethereum blockchain is also home to the world's most significant nonfungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.
Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.
The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.
Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.
The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.
CME Group's announcement that it would launch bitcoin futures contracts drove ethereums 2017 rally. They were the first cryptocurrency-related products offered by a regulated U.S. financial institution.
Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.
The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple government stimulus checks also left many Americans with extra disposable income to buy crypto.
Ethereum prices reached $4,891.70 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. ETH prices dipped below $900 during the 2022 crypto winter.
The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices.
On May 23, 2024, the SEC approved applications to allow the CBOE, Nasdaq and NYSE to list ether ETFs. The decision affects funds proposed by the following fund houses: Fidelity, Ark 21 Shares, Grayscale, BlackRock, Franklin, Invesco and VanEck.
Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.
The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 117% year over year, compared to an 82% gain for ethereum.
You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.
In addition, you can buy ethereum through leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.
Anyone buying ethereum directly must store their ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.
Private keys are needed to send or receive cryptocurrency in a digital wallet. The person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.
Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.
In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.
The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs 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. Currently, the fund holds about $11 billion in assets.
In May 2024, the SEC made a landmark decision that would allow ETFs to buy and hold ethereum. A similar decision was made for bitcoin ETFs in January 2024 in terms of spot holdings. The approval of ether ETFs indicates a softening toward some cryptos in their legal fights.
Ethereums all-time intraday high was $4,891.70, which it reached on Nov. 16, 2021.
Ethereum and other cryptocurrencies are extremely volatile. That makes it difficult to predict how its price will behave. Ethereum has performed exceptionally well overall since its launch in 2015. But past performance is no guarantee of future results.
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Ethereum price today: ETH is up 44% year to date - USA TODAY
Ethereum co-founder’s warning against ‘pro-crypto’ candidates: ‘Are they in it for the right reasons?’ – TechCrunch
Vitalik Buterin, the co-founder of Ethereum, issued a warning on Wednesday against choosing a candidate purely based on whether they claim to be pro-crypto. In a blog post, Buterin said its more important to scrutinize a candidates broader policies to ensure they support cryptocurrencys underlying goals, including internationalism and protection for private communications.
If a politician is pro-crypto, the key question to ask is:Are they in it for the right reasons?, wrote Buterin.Do they have a vision of how technology and politics and the economy should go in the 21st century that aligns with yours?
Though Buterin does not mention any politicians or crypto investors by name, his comments come just one day after Marc Andreessen and Ben Horowitz threw their support behind former President Donald Trump in the 2024 Presidential election. The founders of Andreessen Horowitz noted on their podcast yesterday that Trumps crypto regulation plan is a flat-out blanket endorsement of the entire space. The influential venture capitalists join the ranks of other notable Silicon Valley players, including Elon Musk, who endorsed Trump in the last week.
Further, Ethereums co-founder made the case that signaling you broadly support any pro-crypto candidates could incentivize politicians to promote the cause in bad faith. Buterin notes that authoritarian leaders, particularly in Russia, have claimed to support crypto in an effort to consolidate power.
It doesnt matter if they also support banning encrypted messaging, if they are a power-seeking narcissist, or if they push for bills that make it even harder for your Chinese or Indian friend to attend the next crypto conference all that politicians have to do is make sure its easy for you to trade coins, said Buterin.
The co-founder of Ethereum suggested to look into a crypto-friendly politicians views on crypto five years ago. He says this can serve as a guide for whether the politician may reverse their position five years in the future.
Notably, former President Trump starkly opposed decentralized tokens five years ago. In a tweet from July 2019, Trump said hes not a fan of Bitcoin and other Cryptocurrencies, which are not money. In a follow-up tweet, he said we have only one real currency in the USA, referring to the United States dollar.
But in May, Trump completed a total flip-flop on his stance regarding cryptocurrencies, becoming the first major presidential candidate to accept bitcoin donations. The Wall Street Journal reports that Trumps crypto fundraising efforts have collected $3 million worth of donations in the second quarter.
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Ethereum price today: ETH is trading at $3,146.73 – USA TODAY
What is the price of ethereum today?
The price of ethereum, or 1 ETH, traded at $3,146.73, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024.
The return comparisons are as of 8 a.m. ET.
Although ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015. Its blockchain has generated tremendous growth and returns over the past nine years.
*The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.
Ethereums 52-week intraday high was on March 12, 2024, trading at $4,088.00 per ETH. Its 52-week intraday low was $1,500.00 on Aug. 17, 2023.
The leading altcoin has shifted global financial markets and amassed a global market capitalization of $369.05 billion. ETH is currently up 67% year over year.
Today, ethereum's $369.05 billion market capitalization is second to bitcoin's. Together, bitcoin and ethereum represent 71% of the entire cryptocurrency market. While ethereum is the leading altcoin, other altcoins have relatively high market capitalizations. A few include solana with a market cap of $78.66 billion, XRP at $47.13 billion and everyones favorite meme coin DOGE at $15.35 billion.
Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.
Ethereum's market cap of $369.05 billion is similar to some major blue-chip stocks, such as UnitedHealthcare Group (UNH) at $464.21 billion and Mastercard (MA) at $405.70 billion.
Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.
Unlike bitcoin, ethereums 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 ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.
Applications on the ethereum blockchain include gaming, socializing, gambling and decentralized finance options. The ethereum blockchain is also home to the world's most significant nonfungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.
Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.
The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.
Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.
The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.
CME Group's announcement that it would launch bitcoin futures contracts drove ethereums 2017 rally. They were the first cryptocurrency-related products offered by a regulated U.S. financial institution.
Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.
The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple government stimulus checks also left many Americans with extra disposable income to buy crypto.
Ethereum prices reached $4,891.70 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. ETH prices dipped below $900 during the 2022 crypto winter.
The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices.
On May 23, 2024, the SEC approved applications to allow the CBOE, Nasdaq and NYSE to list ether ETFs. The decision affects funds proposed by the following fund houses: Fidelity, Ark 21 Shares, Grayscale, BlackRock, Franklin, Invesco and VanEck.
Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.
The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 87% year over year, compared to a 67% gain for ethereum.
You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.
In addition, you can buy ethereum through leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.
Anyone buying ethereum directly must store their ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.
Private keys are needed to send or receive cryptocurrency in a digital wallet. The person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.
Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.
In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.
The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs 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. Currently, the fund holds about $11 billion in assets.
In May 2024, the SEC made a landmark decision that would allow ETFs to buy and hold ethereum. A similar decision was made for bitcoin ETFs in January 2024 in terms of spot holdings. The approval of ether ETFs indicates a softening toward some cryptos in their legal fights.
Ethereums all-time intraday high was $4,891.70, which it reached on Nov. 16, 2021.
No. Since the ethereum network upgraded from a proof-of-work model to a proof-of-stake model, ethereum mining is no longer necessary. But ethereum investors can still profit from the proof-of-stake system by staking ETH.
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Ethereum price today: ETH is trading at $3,146.73 - USA TODAY
SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca – Cointelegraph
The United States Securities and Exchange Commission (SEC) approved two spot Ethereum exchange-traded funds (ETFs) Grayscale Ethereum Mini Trust and ProShares Ethereum ETF for listing on the New York Stock Exchanges (NYSEs) Arca electronic trading platform, according to a July 17filing.
The approval of the so-called Form 19b-4 filing authorizes NYSE to facilitate trading of the funds. However, the issuers must still stand by for final comments on the ETFs respective S-1 filings before the spot products can actually commence with listing.
Grayscale is excited to share that the [SEC] has approved Grayscale Ethereum Mini Trusts (proposed ticker: ETH) Form 19b-4, a Grayscale spokesperson said in a statement. The Grayscale team continues to engage constructively with SEC staff, as we seek full regulatory approval for US spot Ethereum ETPs.
Grayscale Ethereum Mini Trust is one of two spot Ethereum ETFs that the crypto investment manager is preparing to list. In May, Grayscale received SEC approval after filing a Form 19b-4 to convert its legacy spot ETH fund, Grayscale Ethereum Trust (ETHE), into an exchange traded fund.
On July 17, Grayscale announced plans to distribute shares of the new Mini Trust to holders of the ETHE fund. The Grayscale Ethereum Trust was first launched in 2017 and was among the first institutional investment vehicles for spot Ethereum.
The SEC reportedly gave preliminary approval to at least three issuers to begin listing spot Ether ETFs as soon as July 23. A total of eight spot Ether ETFs are awaiting a final regulatory greenlight after weeks of back-and-forth dialogues with the SEC and multiple amendments to the funds' S-1 filings.
Related: 21Shares Ether ETF to waive fees for up to 6 months
The ProShares Ethereum ETF has been a relative latecomer in the race, filing its Form 19b-4 roughly three weeks after its peers had already received approval. The ProShares fund is not among the eight expected to list next week.
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SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca - Cointelegraph
Ethereum tops $3.3K as analysts tip ETF approvals this week – Cointelegraph
The price of Ether has topped $3,300 amid anticipation that spot ETH exchange-traded funds (ETFs) could launch as soon as the end of this week.
Ether (ETH) is currently trading at $3,331 and has rallied 16% from a price of $2,909 in the last week, per TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, took to X with his forecast that the roster of eight spot ETH ETFs will have launched by the end of this week.
Welcome to spot ETH ETF approval week. Dont know anything specific, just cant come up [with] good reason for any further delay at this point, wrote Geraci in a July 14 X post.
In line with Geraci, an anonymous source close to the proceedings told Cointelegraph on July 12 that the spot ETH funds were expected to launch by the end of this week.
Several issuers including VanEck and 21Shares filed amended registrations last week in hopes of receiving the SECs final signoff to begin listing spot Ether ETFs.
Many analysts tip the launch of the ETFs as a major catalyst for the price of ETH in the coming months.
Related: Spot Bitcoin ETFs see highest flow day in over 5 weeks
Tom Dunleavy, a managing partner at crypto investment firm MV Global, told Cointelegraph that he expects the funds toattract up to $10 billion in new inflows in the months following their launch, something that will see Ether prices surge to new all-time highs by the end of this year.
Dunleavy also said, contrary to popular opinion among other ETF analysts, that Ether ETFs would be an easier sell to Wall Street compared to Bitcoin ETFs.
We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cashflows. It can be described as a tech stock, the app store of crypto, or an internet bond, Dunleavy wrote in a Q2 investor note given to Cointelegraph.
He added that ETHs price action which has lagged relative to Bitcoin (BTC) for the last 18 months would rebound quickly following the launch of the funds.
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Ethereum tops $3.3K as analysts tip ETF approvals this week - Cointelegraph