Ethereum Price Drops 3.6% to $2,324 as BTC Dominance Hits 56.2%

Ethereum price dropped 3.6% to $2,324 USD during the 24 hours ended October 10, 2024, according to CoinGecko data. Bitcoin dominance increased to 56.2% in the same period, per CoinMarketCap.

Ethereum market capitalization stood at $280.69 billion USD, per CoinGecko. Capital rotated from altcoins including Ethereum toward Bitcoin, based on exchange flow data.

Bitcoin Dominance Impact on Ethereum Price

Bitcoin dominance measures Bitcoin's portion of total cryptocurrency market capitalization. The indicator rose as Bitcoin attracted investor inflows. Glassnode metrics indicated Ethereum exchange inflows declined 12% on October 10, 2024, compared to October 9 levels.

Ethereum transitioned to proof-of-stake consensus in September 2022. The Ethereum Foundation reported this shift reduced network energy consumption by 99.95%. Volatility remains high, however, which attracts cybersecurity threats.

• Metric: Price · Value: $2,324 USD · Source: CoinGecko
• Metric: 24h Change · Value: -3.6% · Source: CoinGecko
• Metric: Market Cap · Value: $280.69B USD · Source: CoinGecko
• Metric: BTC Dominance · Value: 56.2% · Source: CoinMarketCap

Data reflects October 10, 2024, figures.

Volatility Fuels Phishing Attacks on Ethereum Wallets

Market volatility drove a surge in phishing scams aimed at MetaMask wallet users. Chainalysis documented a 28% increase in Ethereum wallet phishing attempts from October 3 to October 10, 2024. Scammers impersonated airdrop providers to steal credentials.

Chainalysis crime lead Kim Grauer said, "Volatility periods correlate with spikes in scam activity as traders seek rapid profits." She made the statement in a Chainalysis blog post published October 9, 2024.

Phishing attacks exploited trader urgency during the price drop. Attackers sent emails mimicking legitimate Ethereum projects. Victims lost an estimated $4.2 million USD in ETH to these scams last week, per Chainalysis.

Layer-2 and Network Security Responses

Ethereum layer-2 network Optimism halted non-essential upgrades on October 10, 2024. Optimism developers cited core chain security priorities in GitHub commit logs dated that day.

Spot Ethereum exchange-traded funds (ETFs) received U.S. Securities and Exchange Commission approval in July 2024. BlackRock's iShares Ethereum Trust recorded $150 million USD in net inflows on October 10, 2024, according to Bloomberg Terminal data.

Despite price pressure, institutional interest persisted. Ethereum ETF inflows totaled $1.2 billion USD since launch, per ETF analyst Eric Balchunas of Bloomberg.

Regulatory Compliance and Network Activity

The European Union's Markets in Crypto-Assets (MiCA) regulation takes full effect in January 2026. Binance implemented Ethereum-specific know-your-customer (KYC) verification on October 8, 2024, as announced on its platform.

The Ethereum network processed 1.1 million transactions on October 10, 2024, per Etherscan. Decentralized finance (DeFi) total value locked across Ethereum-based chains reached $50.3 billion USD, according to DefiLlama data on that date.

Beaconcha.in recorded 33.8 million ETH staked as of October 10, 2024. Staking yields averaged 3.2% annually, which supports proof-of-stake security, per the dashboard.

Ethereum Price Support and Technical Indicators

Ethereum price tested support at $2,300 USD on October 10, 2024. Traders monitored Bitcoin dominance for signs of reversal. CryptoQuant analyst Alex Chepakovich noted a potential altcoin rally if dominance falls below 56%.

CryptoQuant calculated Ethereum's realized price at $2,450 USD, indicating strong holder conviction. Institutions increased Ethereum holdings by 2.5% week-over-week through October 10.

Cybersecurity firm PeckShield issued warnings on October 10, 2024, about fraudulent Ethereum bridge contracts. PeckShield neutralized 15 malicious smart contracts targeting ETH holders.

Upcoming Upgrades and Market Forecast

Ethereum developers planned a core protocol upgrade for November 2024. The update targets a 20% reduction in layer-2 transaction fees, according to the Ethereum.org roadmap published October 7, 2024.

Price stabilization depends on Bitcoin market trends. CoinGecko projected Ethereum price to trade between $2,200 USD and $2,500 USD through the remainder of October 2024.

Heightened cybersecurity vigilance remains essential amid volatility. Ethereum network resilience, backed by staking and layer-2 innovations, positions it for recovery as market conditions evolve.