Ethereum price rises with market recovery
Ethereum (CRYPTO:ETH) is showing a strong upward movement, currently priced at $3,422 and edging closer to the $4,000 mark.
This recovery follows an 11% dip over the past three days, signaling renewed market momentum.
One key driver of Ethereum’s price increase is Bitcoin’s (CRYPTO:BTC) surge to a record $98,266, which has spurred broader market enthusiasm.
Ethereum’s continuous technological updates and network improvements are attracting more traders and investors.
Since the start of the year, Ethereum has seen a 33% price rise, though Bitcoin’s recent pullback has slightly tempered this growth.
Together, Bitcoin and Ethereum dominate the cryptocurrency market, comprising 83% of its total value.
Ethereum’s smart contract technology has distinguished it from other cryptocurrencies since its launch in 2015.
The Cancun update, introduced in March 2024, enhanced the network’s scalability, security, and usability.
Vitalik Buterin, Ethereum’s co-founder, highlighted that Proof-of-Stake is more decentralised compared to the older Proof-of-Work system.
The London hard fork marked Ethereum’s transition from Proof-of-Work to Proof-of-Stake, slashing energy usage, bolstering security, and cutting transaction costs.
Ethereum’s daily trading volume remains robust, with Binance leading the activity by contributing 40% through futures trading.
Exchanges like OKX, Bitget, and ByBit also play a substantial role in Ethereum’s trading ecosystem.
Traders are gaining confidence thanks to Ethereum’s technological advancements and its shift to a more efficient Proof-of-Stake system.
As market dynamics and innovations unfold, Ethereum’s performance remains a key focus for investors and analysts.
At the time of reporting, Ethereum price was $3,422.35.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IoTeX launches the world's first on-chain identity solution ioID designed specifically for smart devices
ioID is revolutionizing identity management for smart devices, allowing DePIN to authenticate devices, protect data, and unlock next-generation application scenarios within a user-owned ecosystem compatible with any blockchain.
Mars Morning News | Last week, global listed companies made a net purchase of $13.4 million in BTC, while Strategy did not buy any Bitcoin last week
Expectations for a Federal Reserve interest rate cut in December have risen, with Bitcoin briefly surpassing $89,000 and the Nasdaq surging 2.69%. There are internal disagreements within the Fed regarding rate cuts, causing a strong reaction in the cryptocurrency market. Summary generated by Mars AI. This summary is generated by the Mars AI model and its accuracy and completeness are still being iteratively updated.
The covert battle in the crypto industry escalates: 40% of job seekers are North Korean agents?
North Korean agents have infiltrated 15%-20% of crypto companies, and 30%-40% of job applications in the crypto industry may come from North Korean operatives. They act as proxies through remote work, using malware and social engineering to steal funds and manipulate infrastructure. North Korean hackers have stolen over $3 billion in cryptocurrency to fund nuclear weapons programs. Summary generated by Mars AI. This summary is generated by the Mars AI model, and its accuracy and completeness are still being iteratively improved.
Which targets are Wall Street short sellers eyeing? Goldman Sachs reveals the short-selling undercurrents amid the AI wave
Data shows that short selling in the US stock market has reached a five-year high. However, investors are not recklessly challenging AI giants; instead, they are targeting so-called "pseudo-beneficiaries"—companies that have surged on the AI concept but lack core competitiveness.
Trending news
MoreCrypto prices
More
