Ethereum current price is $2,363.13 with a marketcap of $274.68 B. Its price is -3.39% down in last 24 hours.
- Ethereum (ETH)
- Live Price $2,363.13
- 24h % -3.39%
- Market Cap$274.68 B
- Volume$25.18 B
- Available Supply116.34 M ETH
Please wait, we are loading chart data
Markets / Exchanges
Current Ethereum Price: Live Updates
You will find the current Ethereum price above, with that said, let's dive deeper into Ethereum and what it's used for.
The revolution in every sector started with the advent of Bitcoin, a blockchain-based virtual currency.
In general, cryptocurrencies are like traditional fiat currencies that can be used to purchase products and services but do not have any physical form.
Also, cryptocurrency is not stable like in national currencies since there is no entity governing cryptocurrencies.
What is Ethereum?
Ethereum is a blockchain-based decentralized software platform that is entirely open-source and permissionless.
It is open to everyone, and you need no one's permission to be a part of the network.
The Ethereum blockchain, launched in 2015, allows the developers to deploy smart contracts and decentralized applications (DApps), providing no room for downtime and fraud.
Ethereum has its own programming language and currency (Ether) that the developers can use to build distributed applications, i.e., there is no intermediary.
Ethereum paves the way for global decentralization, being a distributed shared ledger.
The Bitcoin blockchain does not support or patronage any new applications. Ethereum, on the other hand, allows anyone to build and publish DApps that can be accessed from anywhere in the world.
The Dapps can be built using some high-level languages, mostly solidity.
Characteristics of Ethereum
If you are just getting your feet wet with cryptocurrency, there are things that you have to know about Ethereum.
It is a distributed ledger that records transactions taking place in the network.
A transaction is validated before it is appended to the blockchain.
A copy of this transaction is available in every node of the ethereum blockchain, unlike their centralized counterparts.
The centralized servers hold data in a single location, making it a potential hotspot for hackers.
In ethereum, if data has to be altered, the copy in every node has to be manipulated., which makes ethereum one of the safest modes of payment to date.
Ether - the fuel of Ethereum
Ether, a transactional token, fuels the ethereum based DApps and smart contracts.
Ether is the utility token of the ethereum blockchain meaning. The operations on the network are carried by Ether, including payments and payout of incentives.
The charges for hosting digital or decentralized applications on ethereum is paid using Ether. People can exchange other coins for Ether, but only Ether can be used to pay transaction or gas fee in the network.
A developer who uses fewer network resources to build a DApp pays fewer Ether than the one who developed high-resource decentralized applications.
Ether said to be fuel is a metaphor since Ether takes care of tracking and facilitating transactions in the network.
To execute a smart contract, one requires computational power and needs to pay for the power used in Ether.
Smart contracts are nothing but lines of code that are preferably written in solidity and deployed on top of the blockchain to perform a particular task.
The task might be collecting funds in a liquidity pool and distributing rewards to the liquidity providers who add liquidity to the pools. These tasks are automated by the network without any human intervention, enhancing the transparency of the network.
The more the computational power and time required for a process, the more Ether will have to be paid as a fee.
Though Ether has several properties similar to other cryptocurrencies, this mechanism differs from the rest.
Ethereum and DeFi
The purpose of the bitcoin and ethereum blockchains differ totally.
Though Bitcoin and Etherum both focus on peer-to-peer digital transactions, the ethereum blockchain's function does not stop with this.
Ether, the native coin of the ethereum blockchain, allows the firms to build decentralized applications on the network to serve a particular targeted community.
With its ability to deploy smart contracts and robust architecture, ethereum becomes the most suitable platform for decentralized finance (DeFi), the next hottest trend in the cryptocurrency space.
Etherum blockchain powers innovative concepts like yield farming, staking, crypto lending, and other DeFi protocols.
Ethereum with DeFi gives the unbanked people access to financial services to make them financially independent.
Ethereum 2.0 - A glimpse of the future
The existing ethereum blockchain is to be upgraded to ethereum 2.0. The significant enhancements are efficiency, scalability, and speed of the network.
The current network's problem is the slow transaction speed and escalated gas fees due to network congestion.
Ethereum 2.0 or Serenity addresses these bottlenecks. This includes the addition of new concepts like Proof of Stake (PoS) and sharding. Sharding is an entirely new concept to the market.
The blockchain is divided into multiple small blockchains called shards to divide the workload among the validators. Now the validators have to deal only with data that belong to their shards. Feel free to bookmark this page to view the current Ethereum price at any time, have a great day, bye!