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Despite a recent 11% decline over the past three days, Ethereum (ETH) 
$2,330 has rebounded, currently trading at $3,042. This resurgence has heightened expectations among traders that Ethereum may reach even higher levels.
Ethereum Updates and Smart Contract Innovation
The increase in Ethereum’s value is supported by ongoing updates to the network. The “Cancun-Deneb” update implemented in 2024 has resulted in significant advancements in scalability and security. Following this update, gas fees have decreased, attracting more investors to the Ethereum network.
Vitalik Buterin, the founder of Ethereum, stated that the Proof-of-Stake (PoS) system aligns with the decentralization goals of Ethereum. Buterin emphasized, “Proof-of-Stake makes our network more decentralized and secure.” This transition has improved the network’s reliability while also reducing transaction costs.
Ethereum and Market Performance
As of November 22, 2024, Ethereum’s market value stands at $530 billion. Ranking second after Bitcoin’s $1.73 trillion market cap, Ethereum accounts for 20% of the total cryptocurrency market. Together, Bitcoin 
$103,214 and Ethereum represent 83% of the market cap.
Since the beginning of the year, ETH has seen a 33% increase in performance. However, recent fluctuations in Bitcoin’s price have pulled Ethereum’s annual gain from over 50% to this level. Nevertheless, the price increase of Ethereum continues to maintain investor interest.
The 24-hour trading volume remains high, aided by exchanges like Binance, which executes 40% of ETH transactions through futures trading. This high activity occasionally leads to an increase in gas fees. Recent data indicates that the average transaction fee on the Ethereum network is currently at 15.84 Gwei.
The continuously evolving infrastructure and technological advancements of Ethereum continue to captivate investor interest. Experts predict that these innovations will positively impact Ethereum’s future performance.
