This article mainly introduces the relevant information about the Ethereum price today _ Real-time Ethereum price trend on May 24, friends in need can refer to the detailed content introduction of this article.
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Real-time Ethereum Price Trend on May 24#
Today's Ethereum price: $1,828.80
24H High: 1,863.68 24H Low: 1,818.43 All-time High: 4,881.74 All-time Low: 0.420897 24H Trading Volume: 252.5 million 24H Transaction Amount: 3.536 billion Total Issuance: 120.5 million Market Cap: 220.4 billion 24H Turnover Rate: 1.60% 24H Volatility: 2.49% Circulating Supply: 120.5 million Market Cap Share: 19.33% Last Open: 1,819.72 Last Close: 1,858.73 Circulation Rate: 100.00% Fully Diluted Market Cap 220.5 billion
Real-time ETH Price Data#
The current price of Ethereum is $1,824.27, with a 24-hour trading volume of $140,300,857.87. The price of Ethereum has decreased by 1.67% in the past 24 hours. Currently, the market cap ranking of this cryptocurrency is 2, with a real-time market cap of $219,788,140,162.00 and a circulating supply of 120,295,219 ETH. We will update the price of ETH/USD in real-time.
Ethereum Price Performance (USD)#
Time Range Change Amount Change Percentage Today ---- 7 Days $5.85 0.33% 30 Days $-31.86 -1.71% 3 Months $-5.99 -0.32% ### Ethereum Price Trend in the Last Month
Date Close Open High Low Trading Volume Change Percentage May 24, 2024 1,826.58 1,854.08 1,854.08 1,813.39 332.82K -1.48% May 23, 2024 1,854.08 1,817.19 1,868.89 1,815.41 428.05K 2.03% May 22, 2024 1,817.19 1,804.89 1,827.38 1,792.35 250.27K 0.68% May 21, 2024 1,804.89 1,819.66 1,827.47 1,799.03 170.05K -0.81% May 20, 2024 1,819.68 1,812.32 1,828.06 1,807.08 134.46K 0.41% May 19, 2024 1,812.32 1,800.95 1,829.33 1,796.99 253.50K 0.63% May 18, 2024 1,800.99 1,822.12 1,831.51 1,774.77 311.24K -1.14% May 17, 2024 1,821.73 1,823.98 1,834.44 1,785.78 376.26K -0.12% May 16, 2024 1,823.98 1,817.11 1,830.01 1,797.60 325.77K 0.38% May 15, 2024 1,817.11 1,799.36 1,845.27 1,786.61 405.84K 0.99% May 14, 2024 1,799.36 1,795.11 1,822.93 1,791.86 229.74K 0.25% May 13, 2024 1,794.95 1,807.31 1,814.55 1,786.23 223.65K -0.68% May 12, 2024 1,807.31 1,794.71 1,812.46 1,741.48 598.87K 0.70% May 11, 2024 1,794.71 1,840.92 1,841.04 1,774.30 548.42K -2.51% May 10, 2024 1,840.92 1,846.56 1,886.83 1,797.07 685.11K -0.31% May 9, 2024 1,846.56 1,847.48 1,858.57 1,832.05 318.79K -0.05% May 8, 2024 1,847.48 1,871.03 1,883.54 1,813.63 667.82K -1.26% May 7, 2024 1,870.99 1,896.48 1,931.39 1,870.94 441.65K -1.34% May 6, 2024 1,896.48 1,993.33 2,013.10 1,868.09 658.63K -4.86% May 5, 2024 1,993.33 1,877.06 1,996.64 1,875.66 589.05K 6.19% May 4, 2024 1,877.06 1,904.76 1,915.15 1,868.18 372.69K -1.45% May 3, 2024 1,904.74 1,869.74 1,915.00 1,844.72 489.66K 1.87% May 2, 2024 1,869.74 1,830.75 1,878.70 1,823.25 391.27K 2.13% May 1, 2024 1,830.75 1,869.05 1,885.70 1,807.30 475.92K -2.04% April 30, 2024 1,868.88 1,907.80 1,937.86 1,868.88 377.71K -2.04% April 29, 2024 1,907.80 1,890.93 1,915.90 1,886.27 193.47K 0.88% April 28, 2024 1,891.14 1,908.79 1,922.85 1,875.03 408.45K -0.93% April 27, 2024 1,908.81 1,866.05 1,937.55 1,862.37 771.48K 2.29% April 26, 2024 1,866.05 1,865.95 1,963.46 1,793.76 958.23K 0.01% April 25, 2024 1,865.95 1,841.88 1,877.54 1,804.20 491.98K 1.31% April 24, 2024 1,841.88 1,862.04 1,889.09 1,809.80 480.28K -1.08% ### Historical Prices of Ethereum in the Last Ten Years
About Ethereum#
Ethereum (ETH) is an open-source, decentralized blockchain network, the second-generation blockchain based on the Bitcoin blockchain network. Compared to the Bitcoin blockchain, Ethereum has some significant differences and improvements. It supports digital payments using its native currency Ether (ETH) and serves as a software platform for creating and deploying decentralized applications (DApps) or smart contracts.
Based on the current ETH price, Ethereum is the second-largest cryptocurrency by market cap, second only to Bitcoin. Ethereum has transformed the cryptocurrency industry by introducing smart contract functionality to the blockchain network. Smart contracts allow users and developers to explore new domains, such as decentralized finance (DeFi).
The Ethereum network is designed to be a global computer that anyone can use. It aims to give users complete control over their digital assets and allows them to access tools and services traditionally controlled by centralized entities.
For example, on the Ethereum blockchain, anyone can provide cryptocurrency as collateral and obtain instant loans. In the traditional financial world, this process would be hosted by a centralized institution. For Ethereum, every aspect of this functionality can be fully handled by smart contracts on the blockchain, eliminating the need for third-party platforms.
The Ethereum blockchain can also run and provide programs through a distributed network of public nodes located around the world, making any program resistant to censorship, robust, and less prone to fraud.
In the spirit of decentralized ownership, anyone can submit governance proposals to improve Ethereum for the collective benefit of the project. After a proposal is submitted, holders of Ethereum tokens can vote on its outcome. In this way, the Ethereum community is accountable for the results of its ongoing development.
Due to the seemingly limitless possibilities of blockchain technology and smart contract functionality, Ethereum has generated several multi-billion dollar industries. These include DeFi, play-to-earn blockchain games, and the widely acclaimed NFT space. Today, the Ethereum blockchain hosts over 2,900 different projects, handling a value of over $11 trillion.
The native token of the Ethereum blockchain is called ETH. Ether is required to pay transaction fees (GAS) when completing network transactions. It also serves as the currency exchange for cryptocurrency assets stored on the blockchain, such as NFTs. After the Ethereum merge, ETH will be used to secure the network and produce new blocks.
Ethereum's Operating Model#
When the Ethereum blockchain was initially launched in 2015, it adopted a proof-of-work (PoW) consensus mechanism. In this model, new ETH tokens are created and distributed to miners as a reward for producing new blocks and maintaining the blockchain.
This means that high-performance computing hardware devices known as mining equipment compete with each other to solve complex equations in the mining process. The first miner to solve the equation gains the right to lead the production of new blocks on the network and receives newly minted tokens as a reward. This is also the model adopted by the Bitcoin blockchain.
The Ethereum blockchain also has an account-based architecture. Ethereum accounts are essentially entities that hold a balance of Ether (ETH) and can initiate transactions on the Ethereum blockchain. There are two types of Ethereum accounts.
The first is the "external account," which is controlled and managed by the user through their private key. The second is the "contract account," also known as a smart contract, which is managed by its respective code. Both types of accounts can hold, receive, and send ETH and other tokens supported by Ethereum and interact with smart contracts deployed on the blockchain.
External accounts can initiate transactions with other external accounts and smart contracts. However, smart contracts only become active when interacting with external accounts or other smart contracts. They can only respond by triggering code (involving multiple operations), transferring cryptocurrency, or even creating new smart contracts.
The Ethereum Virtual Machine (EVM) constitutes the core of the Ethereum blockchain. The EVM is the environment where all Ethereum accounts and smart contracts reside. It is a computing engine or virtual machine that functions like a distributed computer, accommodating millions of executable projects.
In other words, the EVM forms the cornerstone of Ethereum's complete operational structure. As a single entity, the EVM is simultaneously maintained by thousands of interconnected computers (nodes) running the Ethereum client.
Unlike Bitcoin, which uses a distributed ledger, Ethereum uses a distributed "state machine." The "state" of Ethereum at any given point is a large data structure that contains accounts and balances, as well as the "machine state" at that time.
It also includes the ability to host and execute many low-level machine codes. This "state" continuously changes between different blocks, and the EVM defines the rules for changing it.
The Ethereum network has many use cases, with the ability to create and deploy smart contracts at the core of all use cases. This functionality allows developers to build various decentralized applications on the platform, including crypto wallets, decentralized exchanges, DeFi protocols, NFT marketplaces, blockchain games, and more.
Its token standards, such as ERC-20 and ERC-721, have been widely used to create fungible and non-fungible tokens, facilitating various multi-billion dollar projects. In particular, NFT tokens based on the ERC-721 standard have pioneered the NFT space, which reached $3 billion in 2022 and is expected to exceed $13.6 billion by 2027.
On the other hand, Ethereum's native cryptocurrency ETH also has multiple use cases, the primary use case being a means of paying transaction fees on the Ethereum network.
Whenever users transfer ETH or Ethereum-based tokens or interact with any applications hosted on the platform, they need to pay ETH as gas fees. In the future, ETH will also be actively used for validation purposes on the new proof-of-stake Ethereum blockchain, where active validators need to stake 32 ETH to perform this role.
Ethereum Merge#
As the demand for Ethereum grows, signs of congestion have begun to appear in the core architecture of the network, with average transaction fees significantly rising. Therefore, one of the biggest challenges facing the Ethereum blockchain is the high gas fees charged during periods of high network congestion. For example, in May 2021, the average cost of basic transactions on the network was about $71.
The Ethereum merge, known as the ETH 2.0 version, is a multi-year plan to gradually transition the Ethereum blockchain from its PoW to a proof-of-stake (PoS) consensus mechanism. While this transition will not immediately solve the high gas fee problem, it will make Ethereum a more environmentally friendly and efficient blockchain network.
In the PoW system, Ethereum miners compete with each other, using expensive computing resources to add new blocks to the chain and receive ETH rewards in return. However, in the PoS model, they will no longer need to mine blocks.
Instead, when selected, they will create and add new blocks, and when not needed, they will validate other blocks. To gain the right to become a validator, they must stake 32 ETH in the blockchain. Additionally, since there is no competition among validators, they will no longer need expensive and advanced hardware like mining equipment.
Although the Ethereum team has been planning this transition since 2016, the PoS beacon chain was only launched on December 1, 2020.
This marks the first phase of a three-phase process transitioning Ethereum from a single PoW chain to a multi-chain PoS network. Below are the three phases and how they intend to transform Ethereum:
Phase 0 (Beacon Chain) As mentioned above, this involves the launch of the beacon chain, which runs in parallel with the original PoW Ethereum mainnet as a proof-of-stake blockchain. Additionally, it lays the groundwork for future upgrades to Ethereum. As of now, over 410,000 validators have staked a total of over 13 million ETH on the Beacon Chain.
Phase 1 (The Merge) The merge is planned for Q3/Q4 of 2022, which includes merging the beacon chain with the existing Ethereum blockchain, completely replacing the latter's PoW model with the former's PoS system. After the merge, the original Ethereum blockchain will become the "execution" layer of the new network, while the beacon chain will serve as its "consensus" layer.
Phase 2 (Sharding) Sharding is expected to be launched in 2023-2024, which will expand Ethereum's capabilities by distributing the network load across 64 new shard chains. The current PoW Ethereum chain will become one of these 64 shards. At this point, running mining nodes will become much easier, as the amount of data to be stored will be far less than that of a single PoW Ethereum blockchain.
By transitioning to a PoS consensus mechanism, the Ethereum network will be more energy-efficient and secure than before. Furthermore, when the Ethereum blockchain implements transaction sharding mechanisms, significantly improving transaction throughput and network speed, the consensus model will allow for greater scalability.
ETH Price and Economic Model#
In July 2014, the Ethereum Foundation launched the ETH Initial Coin Offering (ICO). During this public sale, approximately 60 million ETH were distributed to investors at an initial exchange rate of 2,000 ETH for 1 BTC.
At that time, this made the price of ETH approximately $0.31. Ether was distributed to investors in the genesis block of the Ethereum network.
When the Ethereum mainnet launched, the initial supply of ETH tokens was about 72 million. While most of the tokens were allocated to early investors, 16.73% of the supply was allocated to the Ethereum Foundation.
As of now, the circulating supply of Ethereum tokens is approximately 122 million. Since the genesis block of the Ethereum mainnet, approximately 48 million ETH have been added to the supply through token generation.
New ETH tokens are generated and distributed to miners through block rewards, making Ethereum an inflationary cryptocurrency. Although Ethereum Improvement Proposal (EIP) 1559 introduced some deflationary mechanisms with the London hard fork update, these mechanisms currently do not fully offset Ethereum's inflation.
The issuance of Ethereum block rewards has been steadily decreasing. When the network was initially launched, new Ether was generated at a rate of 5 ETH per block. These rewards were incentives for miners to secure the network and validate transactions. In October 2017, as part of EIP 649, the issuance was reduced to 3 ETH per block.
Founding Team#
The idea of Ethereum was initially described in a white paper by Vitalik Buterin (V God) at the end of 2013. Vitalik Buterin was only 19 years old when he wrote this white paper.
Before proposing the concept of Ethereum, Vitalik Buterin was an experienced programmer and developer who had previously created the Bitcoin Magazine news website.
Vitalik Buterin believed that blockchain technology could be used to build decentralized protocols and applications that are not controlled by centralized entities. Vitalik Buterin was a passionate player of the popular online game "World of Warcraft." After the creators removed his favorite spell from the game, Vitalik Buterin decided that no entity should have complete control over an application, thus forming the concept of the Ethereum blockchain.
Ethereum was officially announced in January 2014 at the North American Bitcoin Conference in Miami. The project was co-founded by eight individuals.
Vitalik Buterin, a Russian-Canadian, is the most significant contributor to the Ethereum blockchain and has remained so. Gavin Wood, the first CTO of the Ethereum Foundation, created the first technical implementation of Ethereum using the C++ programming language and developed Solidity, the actual programming language for creating Ethereum smart contracts.
Today, Solidity is regarded as the fundamental programming language for Ethereum applications and is widely used on other blockchains that run EVM. Additionally, Wood also founded his alternative blockchain network, Polkadot, aimed at addressing some of Ethereum's issues.
Another notable founder is Charles Hoskinson, who gained a reputation for building other Layer-1 blockchains. Due to differences in opinions regarding the project's direction, Hoskinson eventually left the Ethereum project. However, he, along with another early Ethereum colleague Jeremy Wood, founded IOHK and continued to develop the Cardano blockchain.
V. Frequently Asked Questions about Ethereum#
What is Ethereum (ETH)?#
Ethereum is a Layer 1 blockchain capable of supporting smart contracts. The Ethereum network is a fully decentralized public ledger where accounts can store digital assets such as cryptocurrencies or NFTs.
Where can I buy Ethereum (ETH)?#
You can purchase ETH from the OKEx exchange. OKEx offers many trading pairs for ETH, with the most popular including ETH/USDT and ETH/USDC. You can also buy ETH directly with fiat currency or exchange your digital currency for ETH.
Before trading on OKEx, you need to create a trading account. To buy ETH with your preferred fiat currency, click "Buy Crypto" under the top navigation bar. To trade ETH/USDT or ETH/USDC, click "Trade" under "Spot Trading." In the same tab, click "Swap" to convert cryptocurrency to ETH.
Alternatively, visit our new cryptocurrency calculator feature. Select the ETH token and the fiat currency you wish to convert to see the approximate real-time exchange rate.
How do I store my Ethereum (ETH) tokens?#
OKEx provides a highly secure local OKEx wallet that can effectively store various cryptocurrencies, including ETH. You can use your ETH for trading, staking, or any other locally available OKEx services. You can even transfer your ETH to an external wallet at any time without any restrictions.
Is Ethereum (ETH) a good investment?#
At OKEx, we recommend that you research any cryptocurrency objectively before investing. Cryptocurrencies are considered high-risk assets and can experience significant price volatility. Therefore, we hope you only invest in assets you are willing to take risks with.
Like all cryptocurrencies, ETH is highly volatile and carries investment risks. Therefore, before investing, you should do your own research (DYOR) and assess your risk tolerance.
How many Ethereum (ETH) are there in total?#
Currently, the circulating supply of Ethereum is approximately 122 million ETH tokens.
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