Why Ethereum Price is Rising Today? ETH is Up 0.55%, Trades at $2,534

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Ethereum (ETH) price today today trades at $2,532.1 after hitting a daily high of $2,584.9 on October 24. ETH price is up -1.63% as of 1 PM.

Why Ethereum Price is Rising Today?

Ethereum price is following Bitcoin’s footsteps and is up 0.55% today. But the outlook for today is bullish, with BTC attempting a recovery bounce after Monday’s and Tuesday’s crashes. The price of ETH currently hovers at $2,534 as of October 24, 2024.

Will Ethereum undo the crashes from the past two days?

Why Ethereum Price Remains the Second-Largest?

*Ethereum price updated as of 1 PM.

Ethereum is well-known for its smart contract technology that propelled it to become the second largest crypto by market cap. While there were plenty of other Ethereum-killers, none have managed to dethrone ETH so far. However, this might change in the coming days since ETH price performance in the past year has been lackluster.

Historical Ethereum Price Performance

If you invested $10,000 in ETH at the start of 2024, it would be worth $10,100 today, i.e., Ethereum price is up only 10% in the past ten months, while Bitcoin is up nearly 60%. Regardless, the first-mover advantage in the smart contract sector is keeping in the second position with a market capitalization of $304.3 billion.

Ethereum’s Market Cap: The Second-Largest Cryptocurrency

Together, Bitcoin and Ethereum constitute roughly 70% of the total crypto market cap, which stands at $2.41 trillion. While Ethereum’s market cap stands at $304.3 billion, Bitcoin hovers around $1.15 trillion. If the bull run kickstarts after the US presidential elections in November, then this duo could capture an even bigger share of the crypto market.

Although Ethereum’s market cap has been slashed in half since its ATH of $571 billion, it overshadows other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.

ETH’s 24-hour Trading Volume

As expected of the second largest cryptocurrency by market cap, the 24-hour trading volume of Ethereum is relatively high and stands at $20.1 billion.

Binance, one of the largest cryptocurrency exchanges, is the largest contributor to this trading volume with 11% in spot trading volume and nearly 40% in perpetual trading volume.

Ethereum Network Upgrades & Why It’s Important

Being the second-best crypto is not a small task, the network has to remain equally robust. Ethereum does this through continuous network upgrades. This also improves the blockchain’s security and scalability.

The London hard fork is one such key upgrade that converted the Ethereum blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Though there were criticisms before the upgrade, very few argue that PoW was better than PoS. Since the London hard fork, ETH transactions have gotten faster, and fees have been slashed.

ETH Blockchain Upgrades Since 2020

Below is a list of key upgrades the Ethereum network received in the past five years.

2024

Cancun-Deneb (“Dencun”)

2023

Shanghai-Capella (“Shapella”)

2022

Paris (The Merge)
Bellatrix
Gray Glacier

2021

Arrow Glacier
Altair
London
Berlin

2020

Beacon Chain genesis
Staking deposit contract deployed
Muir Glacier

ETH Gas Price & Why it Matters

Since the London hard fork fees have been reduced drastically. The current average gas fee for sending a transaction on the Ethereum blockchain is 9.43 Gwei.

Gwei is a small tax paid to secure transactions on the Ethereum network. During a bull run, where there’s more value to be extracted on-chain and more participants, the gas fees tend to spike.

Ethereum Price Prediction: What to Expect from ETH?

The recent uptick in Ethereum price is due to Bitcoin. Although ETH is positively correlated to BTC, its performance over the past year has been uninspiring. The YTD returns for ETH hover around 10%, while BTC’s YTD returns stand tall above 50%.

Despite the bearishness of the short-term move, long-term Ethereum price prediction hints at a valuation of six digits per ETH.

2024 Performance of Ethereum Price

As of ‘October 24, here are some popular cryptocurrencies’ price-performance comparisons for the past year and one-month.

YTD Returns

POPCAT +168%
SUI +138%
SOL +71%

Monthly Returns

POPCAT +68%
BTC +6%
SOL +20%
ETH -4%

Although Ethereum price today trades at $2,534, investors can expect a massive rally in 2024’s fourth quarter.

Ethereum Price Outlook For Next Week

Date Price Change

October 16, 2024	$2,610.40	-0.41%
October 17, 2024	$2,636.88	0.6%
October 18, 2024	$2,662.24	1.57%
October 19, 2024	$2,702.34	3.1%
October 20, 2024	$2,725.58	3.98%
October 21, 2024	$2,712.67	3.49%
October 22, 2024	$2,646.35	0.96%

Based on CoinGape’s Ethereum price prediction, ETH could go up nearly 1% in the next week and trade around $2,612 on October 29, 2024.

Ethereum Price Forecast Between 2025 and 2029

January	$2,486.50	$2,992.67	$2,739.58	13.6%
February	$2,486.46	$3,207.01	$2,846.74	18.1%
March	$2,486.42	$3,421.36	$2,953.89	22.5%
April	$2,486.38	$3,635.70	$3,061.04	27%
May	$2,486.34	$3,850.05	$3,168.19	31.4%
June	$2,486.30	$4,064.39	$3,275.35	35.9%
July	$2,486.25	$4,278.74	$3,382.50	40.3%
August	$2,486.21	$4,493.08	$3,489.65	44.7%
September	$2,486.17	$4,707.43	$3,596.80	49.2%
October	$2,486.13	$4,921.77	$3,703.96	53.6%
November	$2,486.09	$5,136.12	$3,811.11	58.1%
December	$2,486.05	$5,350.46	$3,918.26	62.5%
All Time	$2,486.27	$4,171.56	$3,328.92	38.1%

January	$2,714.38	$5,352.51	$4,114.66	70.7%
February	$2,942.71	$5,354.55	$4,311.05	78.8%
March	$3,171.04	$5,356.60	$4,507.45	87%
April	$3,399.37	$5,358.64	$4,703.84	95.1%
May	$3,627.70	$5,360.69	$4,900.24	103.2%
June	$3,856.03	$5,362.73	$5,096.63	111.4%
July	$4,084.35	$5,364.78	$5,293.03	119.5%
August	$4,312.68	$5,366.82	$5,489.42	127.7%
September	$4,541.01	$5,368.87	$5,685.82	135.8%
October	$4,769.34	$5,370.91	$5,882.21	144%
November	$4,997.67	$5,372.96	$6,078.61	152.1%
December	$5,226	$5,375	$6,275	160.3%
All Time	$3,970.19	$5,363.75	$5,194.83	115.5%

January	$5,417.25	$5,571.75	$6,513.75	170.2%
February	$5,608.50	$5,768.50	$6,752.50	180.1%
March	$5,799.75	$5,965.25	$6,991.25	190%
April	$5,991	$6,162	$7,230	199.9%
May	$6,182.25	$6,358.75	$7,468.75	209.8%
June	$6,373.50	$6,555.50	$7,707.50	219.7%
July	$6,564.75	$6,752.25	$7,946.25	229.6%
August	$6,756	$6,949	$8,185	239.5%
September	$6,947.25	$7,145.75	$8,423.75	249.4%
October	$7,138.50	$7,342.50	$8,662.50	259.3%
November	$7,329.75	$7,539.25	$8,901.25	269.2%
December	$7,521	$7,736	$9,140	279.1%
All Time	$6,469.13	$6,653.88	$7,826.88	224.6%

January	$7,771.92	$8,001.25	$9,467.83	292.7%
February	$8,022.83	$8,266.50	$9,795.67	306.3%
March	$8,273.75	$8,531.75	$10,123.50	319.9%
April	$8,524.67	$8,797	$10,451.33	333.5%
May	$8,775.58	$9,062.25	$10,779.17	347.1%
June	$9,026.50	$9,327.50	$11,107	360.7%
July	$9,277.42	$9,592.75	$11,434.83	374.3%
August	$9,528.33	$9,858	$11,762.67	387.9%
September	$9,779.25	$10,123.25	$12,090.50	401.5%
October	$10,030.17	$10,388.50	$12,418.33	415.1%
November	$10,281.08	$10,653.75	$12,746.17	428.7%
December	$10,532	$10,919	$13,074	442.3%
All Time	$9,151.96	$9,460.13	$11,270.92	367.5%

January	$10,940	$11,331.17	$13,534.75	461.4%
February	$11,348	$11,743.33	$13,995.50	480.5%
March	$11,756	$12,155.50	$14,456.25	499.6%
April	$12,164	$12,567.67	$14,917	518.7%
May	$12,572	$12,979.83	$15,377.75	537.8%
June	$12,980	$13,392	$15,838.50	556.9%
July	$13,388	$13,804.17	$16,299.25	576%
August	$13,796	$14,216.33	$16,760	595.1%
September	$14,204	$14,628.50	$17,220.75	614.3%
October	$14,612	$15,040.67	$17,681.50	633.4%
November	$15,020	$15,452.83	$18,142.25	652.5%
December	$15,428	$15,865	$18,603	671.6%
All Time	$13,184	$13,598.08	$16,068.88	566.5%

If the US elections narrative triggers a BTC rally, it could send Ethereum and top altcoins flying. According to CoinGape’s forecasts, Ethereum will ride an explosive bull run between 2025 and 2030, with ETH prices hovering between $2,500 and $2,700.

In 2025, however, the smart contract token could auction around $3,300, with a potential gain of 76%. This bullish outlook can also be witnessed in the next five years with ETH price surpassing the current ATH of $4,864 and setting up a new one around $22,900.

Where Will Ethereum Price Be between 2030 and 2050?

2030

2031

2032

2033

2040

2050

January	$16,092.58	$16,559.25	$19,264.08	699%
February	$16,757.17	$17,253.50	$19,925.17	726.4%
March	$17,421.75	$17,947.75	$20,586.25	753.8%
April	$18,086.33	$18,642	$21,247.33	781.3%
May	$18,750.92	$19,336.25	$21,908.42	808.7%
June	$19,415.50	$20,030.50	$22,569.50	836.1%
July	$20,080.08	$20,724.75	$23,230.58	863.5%
August	$20,744.67	$21,419	$23,891.67	890.9%
September	$21,409.25	$22,113.25	$24,552.75	918.4%
October	$22,073.83	$22,807.50	$25,213.83	945.8%
November	$22,738.42	$23,501.75	$25,874.92	973.2%
December	$23,403	$24,196	$26,536	1000.6%
All Time	$19,747.79	$20,377.63	$22,900.04	849.8%

January	$24,169.83	$24,997.58	$27,711.08	1049.4%
February	$24,936.67	$25,799.17	$28,886.17	1098.1%
March	$25,703.50	$26,600.75	$30,061.25	1146.8%
April	$26,470.33	$27,402.33	$31,236.33	1195.6%
May	$27,237.17	$28,203.92	$32,411.42	1244.3%
June	$28,004	$29,005.50	$33,586.50	1293.1%
July	$28,770.83	$29,807.08	$34,761.58	1341.8%
August	$29,537.67	$30,608.67	$35,936.67	1390.5%
September	$30,304.50	$31,410.25	$37,111.75	1439.3%
October	$31,071.33	$32,211.83	$38,286.83	1488%
November	$31,838.17	$33,013.42	$39,461.92	1536.7%
December	$32,605	$33,815	$40,637	1585.5%
All Time	$28,387.42	$29,406.29	$34,174.04	1317.4%

January	$33,881.25	$35,131.33	$42,063	1644.6%
February	$35,157.50	$36,447.67	$43,489	1703.8%
March	$36,433.75	$37,764	$44,915	1762.9%
April	$37,710	$39,080.33	$46,341	1822.1%
May	$38,986.25	$40,396.67	$47,767	1881.2%
June	$40,262.50	$41,713	$49,193	1940.4%
July	$41,538.75	$43,029.33	$50,619	1999.5%
August	$42,815	$44,345.67	$52,045	2058.6%
September	$44,091.25	$45,662	$53,471	2117.8%
October	$45,367.50	$46,978.33	$54,897	2176.9%
November	$46,643.75	$48,294.67	$56,323	2236.1%
December	$47,920	$49,611	$57,749	2295.2%
All Time	$40,900.63	$42,371.17	$49,906	1969.9%

January	$49,768.50	$51,484	$59,820.33	2381.1%
February	$51,617	$53,357	$61,891.67	2467.1%
March	$53,465.50	$55,230	$63,963	2553%
April	$55,314	$57,103	$66,034.33	2638.9%
May	$57,162.50	$58,976	$68,105.67	2724.8%
June	$59,011	$60,849	$70,177	2810.7%
July	$60,859.50	$62,722	$72,248.33	2896.6%
August	$62,708	$64,595	$74,319.67	2982.5%
September	$64,556.50	$66,468	$76,391	3068.4%
October	$66,405	$68,341	$78,462.33	3154.3%
November	$68,253.50	$70,214	$80,533.67	3240.3%
December	$70,102	$72,087	$82,605	3326.2%
All Time	$59,935.25	$61,785.50	$71,212.67	2853.7%

January	$72,550.17	$75,090.58	$85,513	3446.8%
February	$74,998.33	$78,094.17	$88,421	3567.4%
March	$77,446.50	$81,097.75	$91,329	3688%
April	$79,894.67	$84,101.33	$94,237	3808.6%
May	$82,342.83	$87,104.92	$97,145	3929.2%
June	$84,791	$90,108.50	$100,053	4049.9%
July	$87,239.17	$93,112.08	$102,961	4170.5%
August	$89,687.33	$96,115.67	$105,869	4291.1%
September	$92,135.50	$99,119.25	$108,777	4411.7%
October	$94,583.67	$102,122.83	$111,685	4532.3%
November	$97,031.83	$105,126.42	$114,593	4652.9%
December	$99,480	$108,130	$117,501	4773.5%
All Time	$86,015.08	$91,610.29	$101,507	4110.2%

January	$102,603.75	$110,953.42	$120,084.17	4880.7%
February	$105,727.50	$113,776.83	$122,667.33	4987.8%
March	$108,851.25	$116,600.25	$125,250.50	5095%
April	$111,975	$119,423.67	$127,833.67	5202.1%
May	$115,098.75	$122,247.08	$130,416.83	5309.2%
June	$118,222.50	$125,070.50	$133,000	5416.4%
July	$121,346.25	$127,893.92	$135,583.17	5523.5%
August	$124,470	$130,717.33	$138,166.33	5630.7%
September	$127,593.75	$133,540.75	$140,749.50	5737.8%
October	$130,717.50	$136,364.17	$143,332.67	5844.9%
November	$133,841.25	$139,187.58	$145,915.83	5952.1%
December	$136,965	$142,011	$148,499	6059.2%
All Time	$119,784.38	$126,482.21	$134,291.58	5470%

In the next 20 years, i.e., between 2030 and 2050, Ethereum price could undergo an expansion phase that pushes the price of ETH into the six-digit territory of $126,482.21.

Disclaimer:

Investors must take these long-term price predictions with a grain of salt since they tend to change with macroeconomic, regulatory, and geopolitical developments.

Ethereum vs. Bitcoin Price Performance in 2024

Bitcoin continues to dominate ETH with a YTD return of 60%, while Ethereum price sits at 10%. With the recent rally, however, things could work out well for ETH.

Why Ethereum Price Performance is Uninspiring?

Here are four key reasons why the ETH price has not shot up higher in comparison to BTC, SOL, or other cryptocurrencies.

Ethereum struggles to attract institutional investors due to its lack of a compelling narrative, unlike Bitcoin’s “digital gold” appeal.
Solana’s ease of access and low transaction fees lure retail investors, eclipsing Ethereum’s growth.
Bitcoin ETFs draw institutional liquidity, leaving Ethereum in a dry spell.
Solana’s meme coin frenzy creates millionaires, further overshadowing Ethereum’s price performance.

To make matters worse, spot Ethereum ETF, which was supposed to be ETH’s saving grace, has failed, which has further impacted ETH price performance.

Ethereum ETFs Drag ETH Price Lower

Ethereum ETF flows have been underwhelming since their launch, with no signs of improvement. This trend is expected to continue until the second week of November when the US presidential elections end.