Market Wrap: Bitcoin Near $48K While Ether Transaction Fees Surge Again

At the end of August, Ethereum network gas costs skyrocketed and tapped a high of $59 per transaction on September 7, according to the average transaction fee spent on that day. The median fee for an ether transaction on September 7 was around $20 per transaction. Days later, ether transaction fees have subsided to a degree as the median and average ether fees have been slashed in half since then. Ethereum Fees Subside, Transfer Costs Less Expensive One of the biggest complaints people have with digital currencies is how much the transaction fee can cost to send these assets.....

Ethereum’s average network fees have dropped to the lowest value in 30 days at 0.0096 ether or $24.64 per transaction. Median-sized ethereum fees are lower today as well, as fees are between $8.37 to $10.82 per transaction as ether fees haven’t been this low since January 1. Onchain Ethereum Fees Drop, Current Bitcoin Fees 91% Cheaper Than Ethereum Fees It’s cheaper today to send ethereum (ETH), as network fees are 0.0096 ETH or $24.64 on average to send the second leading crypto asset. On January 30, 2022, ethereum has a 24-hour price range of around....

Following the bug and the split that occurred after a great number of Geth nodes did not upgrade, Ethereum fees have risen dramatically since August 21, jumping from $11 per transaction to today’s 0.0088 ether per transaction ($27.98). Ethereum Transaction Fees Skyrocket Ethereum is the second-largest crypto asset in terms of crypto market capitalization with a $375 billion market cap or 17.4% of the crypto economy’s $2.16 trillion. ETH is up 34.3% during the last month, but has lost 2.1% during the last two weeks. On August 27, Bitcoin.com News reported on....

The increasing amounts of Bitcoin transactions have slowly led to an increase in Bitcoin fees as miners favor the transactions with fees as priority transactions. This means that it can take a longer time for a Bitcoin transaction to clear. Some transactions, small ones without fees generally, can be lost to the Bitcoin ether, only to be returned to sender a few day later. Transaction fees have been touted as one of the best reasons to use Bitcoin. The world’s first truly international value transfer system boasts the lowest transaction fees. Though these fees have been quietly rising over....

Bitcoin mining is an important part of the bitcoin ecosystem. Miners who participate in mempools help to confirm transactions for which they receive a reward once a transaction is cleared. Usually, the mempool is ‘free’ and transactions go through easily with low fees but there are times when the mempool fills up causing transactions fees to surge. This was what took place at the start of March. Bitcoin Transaction Fees Surge At the beginning of the month, bitcoin had experienced higher transaction fees. These higher fees were as a result of transaction clustering in the mempool. Once the....