Ethereum, the second-largest cryptocurrency by market cap, is celebrating its 9th birthday today. Trading at $3,345.30 with a global market cap of $402,211,817,317, Ethereum marks nearly a decade of innovation and growth in the blockchain space.
Founder Vitalik Buterin took to X(Twitter) to commemorate the occasion, saying, “Happy 9th birthday, Ethereum! Looking forward to seeing what the next decade brings.”
A Walk Down the Memory Lane for ETH
With the release of its blockchain in July 2015, Ethereum debuted with the codename “Frontier.” The proof-of-work (PoW) consensus technique used in this first iteration was the same as that of Bitcoin. But later on, Ethereum switched to a proof-of-stake (PoS) system, in the September 15, 2022, completion of Ethereum 2.0, also referred to as “The Merge.” With this significant development, Ethereum entered a new age and advanced technologically at the same time.
Ethereum’s journey began in 2013 when computer scientist Vitalik Buterin published the Ethereum Whitepaper. This document detailed the advances that would distinguish Ethereum from other cryptocurrencies, especially its capacity to allow developers to use blockchain tools such as smart contracts to build decentralized apps.
Buterin presented his vision for the new blockchain at the North American Bitcoin Conference in 2014. Later that year, the Ethereum team held an initial coin offering (ICO) for ETH, raising around $18 million in Bitcoin. The ICO price was only $0.31 per ETH.
Ethereum’s success is evident in its significant milestones and continuous growth. As of today, Ethereum boasts a 24-hour trading volume of $17,112,066,382, at the time of writing. It has cemented its place as the second-largest cryptocurrency, often considered the toughest competitor to Bitcoin. According to CoinGecko, Ethereum’s price history reflects its growth over the years:
- 2024: $3,319
- 2023: $1,881
- 2022: $1,739
- 2021: $2,383
- 2020: $318
- 2019: $211
- 2018: $466
- 2017: $197
- 2016: $13
The Approval of Spot Ethereum ETF
The SEC’s recent approval of the Ethereum spot ETF emphasises Ethereum’s increasing recognition and importance in the financial world. Moreover, the shift of Ethereum to PoS with “The Merge” was a key milestone and a big contributor to the ETF approval. This move intended to enhance energy efficiency and scalability, addressing some of the most serious objections levelled at the PoW method.
The goal of Buterin’s blockchain project has been to provide a platform that extends beyond virtual currencies. The creation of dApps, which have applications in a variety of industries like finance, supply chain, healthcare, and more, has been made possible by Ethereum’s smart contracts.
The cryptocurrency community looks forward to its future as it marks its 9th birthday. Since Ethereum continues to set the standard for decentralised applications and blockchain technology, the next ten years should bring even more breakthroughs.