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Ethereums network is strained as blob transaction demand surges, pushing capacity to its limits due to the popularity of inscriptions.

Blobs are a feature that was introduced following the Ethereum networks Dencun upgrade earlier this month.

The upgrade, which aimed to reduce the cost of Layer 2 transactions by substituting the traditional calldata method with blob transactions, has evidently succeeded in its objective. It has made transactions cheaper for end users by enabling Layer 2 solutions like Arbitrum, Optimism, Base, and Linea to utilize blobs for posting transactions.

Reports indicate that the rate of blob transactions on Ethereum has surged, exceeding the networks set capacity, demonstrating the immediate impact of the Dencun upgrade. Adding inscriptions on blobs inspired by Bitcoin Ordinals allows users to embed unique fungible and non-fungible artifacts within these transactions.

The function has introduced a new dimension of utility for blobs, even though they are ephemeral and are removed from the network after 18 days. However, full archival nodes can retain this data indefinitely.

A recent analysis from Dune Analytics reveals a notable trend: 40% of blob transactions are now related to inscriptions. The study shows a significant utilization rate, demonstrating the highest usage among various Ethereum (ETH) L2 solutions.

Currently, the network faces a blob contention, with blobs operating at a 100% utilization rate. The situation is further compounded by a considerable backlog in the mempool, where 160 blobs await processing. Given Ethereums current capacity to include only up to six blobs per block, the backlog is roughly 40 times higher than the network can accommodate in a single block.

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Ethereum blobs pushed to utilization limit due to inscriptions - crypto.news

Like the climax of a heist movie, the crypto markets latest sensation, Koala Coin (KLC), has investors on the edge of their seats. Koala Coin (KLC), now available in its presale for just $0.014, promises a unique fusion of meme culture charm and serious financial prospects. Its setting the stage for what could be the most engaging investment opportunity of the year.

Koala Coin (KLC) stands out in the crowded crypto space with its blend of meme culture joy and serious financial promise, creating an irresistible allure for investors. With governance rights, staking rewards and a vault of exclusive memes, Koala Coin (KLC) promises a unique mix of camaraderie and profit.

Amidst a buzzing presale, Koala Coin (KLC) is not just another token. Investors are drawn to its robust secure blockchain technology and the promise of a community-driven future. The fear of missing out on this ground-breaking opportunity is palpable. Driving Ethereum (ETH) and Dogecoin (DOGE) enthusiasts to join the Koala Coin (KLC) family.

Ethereum (ETH) remains a cornerstone in the world of cryptocurrency, valued at $3330.07 and showing a healthy 30-day increase of 13.40%. This growth underscores the pivotal role of Ethereum (ETH) in the digital asset space, primarily due to its pioneering smart contract technology.

However, Ethereum (ETH) is grappling with its own challenges, particularly in terms of scalability and transaction fees. These issues have highlighted the pressing need to transition to Ethereum (ETH) 2.0, a significant upgrade to enhance network efficiency and reduce costs. Ethereum (ETH) must address these hurdles while capitalizing on its established infrastructure and developer community.

Dogecoin (DOGE) has transcended its origins as a playful meme to become a major player in the cryptocurrency market, currently valued at $0.17 and witnessing a staggering 30-day growth of 103.67%. This remarkable ascent reflects the unique position of Dogecoin (DOGE) at the intersection of humor and serious investment potential, capturing the imaginations of traders and investors alike.

The sustainability of the value of Dogecoin (DOGE) gains remains a topic of debate among investors, with some concerned about its long-term viability in a rapidly evolving cryptocurrency landscape. To maintain its newfound status and continue attracting investment, Dogecoin (DOGE) may need to innovate further.

As the Koala Coin (KLC) presale progresses, the air is thick with anticipation and a sense of FOMO. Ethereum (ETH) and Dogecoin (DOGE) investors, known for their keen sense of market shifts, are rallying to Koala Coin (KLC), recognizing its unparalleled potential for growth.

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The Koala Coin (KLC) Presale Draws a Crowd Attracting Ethereum (ETH) and Dogecoin (DOGE) Investors Amid ... - Analytics Insight

Welcome to History of Crypto, a Cointelegraph series that brings readers back to the most significant events in the crypto space. Powered by Phemex, the timeline allows crypto community members to explore and look back at the important events that shaped the industry into what it is today.

This article explores the pivotal period from 2013 to 2015 in the cryptocurrency world a time of significant advancements and notable challenges. During this period, the increasing mainstream adoption of Bitcoin (BTC) marked a critical shift toward recognizing digital currencies. However, this era also witnessed the dramatic fall of Mt. Gox, underscoring the risks and volatility in the burgeoning crypto market.

This epoch also saw the emergence of the first memecoin and the first nonfungible token (NFT), innovations that expanded the crypto landscapes creativity and functionality.

Explore the History of Crypto

Most importantly, this is the time period when the Ethereum network was conceived. This groundbreaking development promised to leverage blockchain technology for more than just currency, paving the way for smart contracts and decentralized applications (DApps). This period was crucial in shaping the trajectory of the cryptocurrency movement, setting the foundation for future innovations and challenges.

Shortly after the first Bitcoin halving in 2012, BTC reached a notable milestone a few months later. On March 28, 2013, the price of Bitcoin climbed, beginning to trade at around $92. This price increase led its market capitalization to hit the $1 billion mark for the first time, marking a significant moment in the cryptocurrencys history.

In an event that sparked widespread attention, Bitcoin achieved a remarkable milestone by reaching a new all-time high of $190 on April 10, 2013, during the Cyprus banking crisis. This crisis highlighted the potential benefits of decentralized currencies, leading many to view Bitcoin as a viable alternative to the traditional financial systems vulnerabilities. Despite the initial surge, Bitcoins value experienced a significant drop to $68 just a week after reaching its peak.

Later in the year, Bitcoin continued to captivate market observers by surpassing expectations and reaching $1,000 on Nov. 19, first on the BTC China exchange (now known as BTCC) and subsequently on Mt. Gox. This achievement underscored Bitcoins growing relevance and the increasing interest in its role as an alternative asset within the broader financial landscape.

During this critical period, Mt. Gox, the largest crypto exchange at the time, faced significant challenges. On June 20, 2013, it announced a temporary halt of U.S. dollar withdrawals, setting off two weeks of uncertainty. Although withdrawals eventually resumed, the exchange encountered difficulties processing them efficiently, underscoring the operational hurdles it grappled with.

In a significant development within the cryptocurrency community, Mt. Gox announced the suspension of U.S. dollar withdrawals, followed by a stop to Bitcoin withdrawals on Feb. 7, 2014. This series of events culminated in the suspension of trading on Feb. 24, 2014, and a bankruptcy filing in Tokyo shortly after.

The situation escalated when Mt. Gox sought bankruptcy protection in the United States in March 2014, revealing that 750,000 BTC belonging to its customers and 100,000 of its own coins had been compromised, amounting to a loss valued at around $473 million at that time.

While the downfall of Mt. Gox marked a turbulent period in the cryptocurrency sector, it coincided with the emergence of several platforms that would become major players in the future. Okcoin, which would later rebrand to OKX, launched its operations on June 1, 2013. Close on its heels, Krakens trading platform became operational on Sept. 10, 2013.

In the meantime, Coinbase, established in 2012, secured a $25 million Series B funding round in December 2013, led by venture capital firm Andreessen Horowitz, showcasing the growth and resilience of new entrants in the cryptocurrency exchange landscape during a period of upheaval.

In 2013, Vitalik Buterin introduced the Ethereum network through a white paper, positioning it as a versatile platform for developing DApps. Buterin outlined how blockchain technology could serve purposes beyond just monetary transactions.

In January 2014, Ethereum co-founders Gavin Wood, Charles Hoskinson and Anthony Di Iorio unveiled Ethereum at the North American Bitcoin Conference in Miami with Buterin.

These exchanges now offer users access to a broad array of cryptocurrencies, with Ethereums native coin, Ether (ETH), securing its position as the second-largest digital asset by market capitalization. Ethereum has fulfilled its promise by evolving into a central platform for DApps.

EXPLORE THE HISTORY OF CRYPTO

The next piece in Cointelegraphs History of Crypto series will delve into the initial coin offering boom and the ongoing evolution of Ethereum. Be sure to follow Cointelegraph for insightful updates on the most pivotal developments in crypto history.

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History of Crypto: Ethereum's entry and Bitcoin's expansion - Cointelegraph

What is the price of ethereum today?

The price of ethereum, or 1 ETH, traded at $3,631.29, as of 8 a.m. ET.

The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.

Even though ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015.Its blockchain has generated tremendous growth and returns over the past nine years.

The return comparisons are as of 8 a.m. ET.

The leading altcoin has shifted global financial markets and amassed a global market capitalization of $436.03 billion. ETH is currently up 105.64% year over year.

Today, ethereum's $436.03 billion market capitalization is second to bitcoin's. Bitcoin and ethereum represent 68.18% of the entire cryptocurrency market. Behind ethereum, the third-largest crypto is BNB, with a market cap of just $86.50 billion.

Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.

Ethereum's market cap of $436.03 billion is slightly more than some major blue-chip stocks, such as Home Depot (HD) at $386.77 billion and Johnson & Johnson (JNJ) at $374.07 billion.

Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.

Unlike bitcoin, ethereums programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.

The ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.

Applications on the ethereum blockchain include options for gaming, socializing, gambling and decentralized finance. The ethereum blockchain is also home to the world's largest non-fungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.

Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.

The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.

Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.

The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.

Ethereum's parabolic 2017 rally was partly driven by CME Group's announcement that it would launch bitcoin futures contracts late that year. They were the first crypto-currency related products offered by a regulated U.S. financial institution.

Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.

The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple rounds of government stimulus checks also left many Americans with extra disposable income.

Ethereum prices reached $4,891 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. During the 2022 crypto winter, ETH prices dropped below $900.

The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices. Many crytpo enthusiasts see this as an encouraging sign for the approval of ethereum spot ETFs. Ethereum prices soared to 4,088.00 in March 2024.

Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.

The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 153.26% year over year, compared to a 105.64% gain for ethereum.

You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.

In addition, you can buy ethereum on leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.

When you buy ethereum directly, you must store your ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.

The private keys are needed to send or receive cryptocurrency in a digital wallet. A person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.

Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.

In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.

The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH) and the Bitwise Ethereum Strategy ETF (AETH).

The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. But Grayscale can only trade over the counter in the U.S. until it receives approval to convert into an ETF. That conversion is contingent on the SECs approval.

Ultimately, ethereum investors are hoping that the SEC approves spot ethereum ETFs. Spot ETFs invest directly in the underlying cryptocurrency rather than futures contracts or other derivatives. Grayscale and BlackRock are among several companies that have applied for SEC approval.

Ethereum does not represent ownership of assets with tangible value and does not generate earnings, revenue or cash flow. ETHs price is determined exclusively by supply and demand. If the popularity of the ethereum network continues to grow in the long term, demand for ethereum will likely grow over time.

Ethereum and other cryptocurrencies are extremely volatile. That makes it difficult to predict how its price will behave. Ethereum has performed extremely well overall since its launch in 2015. But past performance is no guarantee of future results.

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Ethereum price today: ETH is up 52.15% YTD - USA TODAY