Ethereum's 0.3% Price Dip to $1,880.62: All Key Takeaways for July 13, 2023
- Ethereum's price slightly declined by 0.3% to $1,880.62 on July 13, 2023.
- The 24-hour trading volume was $8,584,517,546.
- Ethereum's market capitalization is $225,877,037,691, solidifying its position as the second-largest cryptocurrency.
- The circulating and total supply of Ethereum is 120,206,568.
- Over the past year, Ethereum's price has increased by 74.3%.
Ethereum, the second-largest cryptocurrency by market capitalization, experienced a slight price decrease of 0.3% on July 13, 2023, settling at $1,880.62. Let's delve into the data to understand the wider market conditions impacting this price change.
The 24-Hour Trading Volume
The 24-hour trading volume for Ethereum was $8,584,517,546. This metric provides an indication of how much of the cryptocurrency was traded in a single day. The high trading volume reflects substantial investor interest and active trading in the Ethereum market.
Market Capitalization
Ethereum's market capitalization is $225,877,037,691, maintaining its position as the second-largest cryptocurrency. Market capitalization, the total value of all coins in existence, is a critical metric for evaluating a cryptocurrency's relative size and value.
Market Cap Dominance
Ethereum's market cap dominance is 18.332%. This figure indicates that Ethereum constitutes a significant proportion of the total value of the entire cryptocurrency market, reflecting its importance and influence in the crypto space.
Circulating Supply
Ethereum's circulating supply, the number of coins currently available to the public and in active circulation, is 120,206,568. This supply is also the total supply of Ethereum, suggesting that all Ethereum that will ever exist is already circulating.
Looking Forward: An Ethereum Price Prediction
Given the overall market conditions, and considering the slight dip in Ethereum's price along with its significant market cap dominance, we could expect continued interest in Ethereum. However, as the crypto market can be highly volatile, investors should prepare for potential price swings. The year-over-year price increase of 74.3% is also indicative of a positive long-term trend.
How Does Ethereum's Market Cap Influence Its Value?
Ethereum's market cap is a strong indicator of its value and significance in the crypto market. A high market cap often suggests a widely accepted and extensively used cryptocurrency. Ethereum's large market cap indicates its solid standing and wide acceptance in the crypto community, which could potentially drive its value higher in the future.
What Does Ethereum's Circulating Supply Tell Us About Its Price?
The circulating supply of Ethereum is directly related to its price. With the total supply of Ethereum already in circulation, the price is subject to the principles of supply and demand. With no more coins to be issued, increased demand for Ethereum, spurred by its wide acceptance and utility, could put upward pressure on its price. However, short-term price fluctuations can still occur due to a variety of market factors.
