Ethereum Price Analysis: June 13, 2024

Ethereum (ETH) maintained its position as a leading cryptocurrency on June 13, 2024, despite facing some downward pressure in recent trading sessions. Here's a detailed analysis of Ethereum's performance on that day:

Current Status:

Price: Ethereum was trading at US$3,484.5.

24-hour Volume: The 24-hour trading volume stood at US$18,060,648,581.

Market Cap: Ethereum's market capitalization was US$419,311,693,066.

24-hour Low/High: The cryptocurrency witnessed price fluctuations, reaching a low of US$3,472.75 and a high of US$3,648.99.

Price Change: Ethereum experienced a minor decline of 0.59% over the past 24 hours.

7-day Performance: Over the past week, Ethereum price had dropped by 8.94%.

Aethir's Decentralized Cloud Compute Network Launch:

Aethir, a decentralized physical infrastructure network (DePIN) provider, made headlines by announcing the launch of its decentralized cloud compute network on Ethereum's mainnet.

The network allows enterprises, data centers, cloud providers, and cryptocurrency mining operators to contribute idle GPU resources to Aethir’s GPU-as-a-service solutions network.

Co-founder Mark Rydon highlighted the significance of the mainnet launch, stressing that it would facilitate more innovation in AI, ML, and cloud gaming.

With the launch on mainnet, high-quality enterprises gained the opportunity to contribute to the Aethir network, thereby enhancing access to the existing supply of GPUs.

Enterprises and developers could rent compute resources from Aethir's network of providers to support tasks such as training AI models and rendering digital content at scale.

Token Usage:

Aethir uses Ethereum for staking and Arbitrum (ARB) as a payment layer to fulfill the settlement of compute providers and community rewards for checker nodes that ensure quality.

The native token of Aethir, which is ATH, is the only token used in all the activities under the platform to ensure that participants are not inconvenienced.

Conclusion:

While the overall market would exert a slight negative impact on Ethereum, the digital currency was steady and strong on June 13, 2024. A major advancement was observed when Aethir started a decentralized cloud compute network on Ethereum’s mainnet that presented new prospective for enterprises and developers looking forward to utilize decentralized infrastructure for demanding computing services. Ethereum’s role in developing and supporting various projects and initiatives puts it firmly on the list of the most prominent blockchain platforms as it progresses with the Aethir.