Ethereum’s return to all-time high accompanied by 77% rise in transaction fees
A 31% price surge was accompanied by a 77% rise in the cost of transacting on Ethereum. Ether (ETH), the second largest cryptocurrency by market capitalization, returned to an all-time high on April 2 when the spot price for each unit of ETH exceeded $2,000. Meanwhile, the ominous spectre of Ethereum’s unwieldy transaction fees made itself felt once more, as the cost of using the blockchain rose 77% across the past few days, in line with a 31% increase to the ETH coin price. Ether recorded green candles for eight of the past nine days, as the coin price rose from a recent bottom of $1,530....
Related News
Reduced network activity is resulting in lower fees for Bitcoin and Ethereum as both recede heavily from their all-time highs. The cost of using the Bitcoin and Ethereum blockchains is on the rapid decline, as evidenced by a 93%–95% reduction in average transaction fees over the past couple of months.Fees are paid to the miners who process transactions on a typical proof-of-work blockchain. The size of the fee depends on the size of the transaction in bytes and how many transactions a coin has gone through in the past (as these need to be checked every time a coin is moved). Supply and....
Transaction fees are falling rapidly on Bitcoin and Ethereum, as the coin prices of both recede from recent peaks. Transaction fees on Bitcoin and Ethereum have fallen by 81% and 71% respectively over the last few weeks, as the broader cryptocurrency market continues to descend from its recent all-time high.The average cost of using the Ethereum blockchain fell from $69.92 per transaction on May 12, to $20.06 by May 16, according to data from Bitinfocharts. In the same time period the Ether (ETH) spot price both peaked and crashed, falling from an all-time high of $4,358 on May 12, to....
On April 21, Bitcoin network fees touched an all-time high according to a number of transaction fee aggregators. The average bitcoin transaction fee is approximately $59.88 and the median fee is around $26.44 USD per transfer. Bitcoin Fees Climb Sky High After the Hashrate Plummeted The cost to send a bitcoin (BTC) transaction has never been higher in terms of average fees. In terms of the median value, charts show median fees are nearing an all-time high (ATH) as well, but are not quite there yet. The average fee rate touched an ATH of around $59.88 per transaction on Tuesday evening....
Data shows Bitcoin daily miner revenue rose to $60 million in the past week as transaction fees observed an increase. Bitcoin Transaction Fees See A 19% Increase Over The Last Week As per the latest report from Arcane Research, BTC mining hashrate has seen further rise in the past week, accompanied by an increase in […]
A look at why gas fees can be so expensive and the different ways platforms and users are tackling the high costs. High transaction fees have been a long recurring issue for users on popular blockchain networks like Ethereum and Bitcoin during periods of increased demand. However, there are protocols, platforms and methods that help users to reduce costs.What are transaction fees?Transaction fees are fees that users pay to send a transaction or interact with a smart contract on a blockchain network. While gas fees can refer to transaction fees on any blockchain, the term is mainly used to....