Ethereum Hikes 6.9% with $19.25bn Trading Volume

Ethereum (ETH) price rose 6.9% during the last 24 hours (at 20:45 PM GMT), recording $355.30. 

ETH recorded a 24-hour trading volume of $19.255bn.

According to coingecko, it has a circulating supply of 112.5m coins and an endless supply of coins. FTX.us is the current most active market trader.

Its market capitalisation reached $39.67bn.

During the last 30 days, ETH ranked the third in the monthly volume ranking, at $392.46bn, according to coincapmarket.

More About Ethereum

Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It’s a community-built technology behind the cryptocurrency Ether (ETH) and thousands of applications you can use today, according to ETH website.

The Ethereum blockchain has a native currency, which is Ether. It is also a digital currency. Moreover, it can be a form of payment or a store of value.

History of ETH

In 2013, Vitalik Buterin first conceptualised Ethereum aiming at developing an open-source blockchain platform different from Bitcoin (BTC), thus pioneering smart contracts. 

On the Ethereum blockchain, a smart contract behaves like a self-operating computer programme that automatically executes in specific conditions. Blockchain allows smart contracts’ code to run without any possibility of downtime, censorship, fraud, or third-party interference.

On 30 July 2015, the Ethereum network went live with 73m Ether pre-mined.

Trading

Coingecko clarified that on Ethereum, all transactions and smart contract executions require a small fee. Gas is the small fees paid. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract. The more complex the execution operation is, the more gas is required to fulfill that operation. People pay Gas fees in ETH. 

The price of gas can fluctuate from time to time depending on the network demand. If there are more people interacting on the Ethereum blockchain such as transacting in ETH or executing a smart contract operation, due to the limited amount of computing resources on the network, Gas price can increase. Conversely when the network is under utilized, the market price of gas would decrease.

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Hanan Hamed 48 Articles
a bilingual journalist. She writes in both Arabic and English. She has been writing news and features for 7 years now. She is specialized in business and economic news.