Here’s The Reason Behind The Spike In Ethereum Gas Fees

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized fees have slid below $4 per transaction. Moreover, layer two (L2) transaction fees have also dropped in recent times as the lowest L2 rate today is $0.03 per transfer. Average and Median Ethereum Fees Drop From mid-March up until the first week of April, Ethereum’s average network fees rose from a low of $5.98 per transfer to $43.41 on....

Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows. Ethereum Fees Are Down Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in....

Data shows both Bitcoin and Ethereum have observed a spike in the transaction fees over the past couple of days as holders have rushed to sell amid the crash. Bitcoin & Ethereum Transaction Fees Shoot Up The “transaction fees” is an amount that users making transactions on the network have to pay in order to […]

Bitcoin transaction fees are on the rise again. Fees shot up more than 350% during the last thirty days to Oct. 22. The most significant increase occurred in the last week, as the price of bitcoin soared on growing institutional interest. According to data by Bitinfocharts, it cost an average of $5.75 to send a transaction over the Bitcoin blockchain on Saturday, up from around $1.8 five days earlier. Fees peaked at $6.36 on Oct. 22, as the bitcoin (BTC) price scaled past $13,000, a 2020 high. Just over thirty days ago on Sept. 20, it cost only $1.39, on the average, to get a transaction....

A spike in Bitcoin transaction fees has seen the share of miners’ revenues represented by fees tag a two-year high. Bitcoin (BTC) transaction fees have nearly tripled in three days, from $3.52 to $10.20 on average.According to crypto market data aggregator Glassnode, 22.25% of Bitcoin miners’ income is currently made up of fees, with the other 77.75% coming from block rewards. The share of fee revenues is currently the highest it has been since the plateau of the last all-time high in January 2018 — which followed fee revenues spiking to almost a 45% share during the previous month.The....