The Average Transaction Fees on the Ethereum Network Have Reached $ 51.45!

0
27

As a result of this week’s ”Altair” update, Ethereumthe demand for the has increased significantly. As a result of the growing demand for Ethereum, transaction fees on the network have also risen significantly.

Increased Ethereum Transaction Fees

According to data from BitInfoCharts, a crypto measurement site, the average transaction fees on the Ethereum network have increased to $ 51.45. The transaction fees in question have increased by 2,300% since June.

Just seven days ago, transaction fees on the Ethereum network were $ 22.52. ETH transaction fees have increased significantly during this process. On October 15, the average wage in question was $ 45.74, which is almost double the number at the beginning of the month (23.79).

The price of transactions on the Ethereum network has shown a high degree of volatility since the London Hardfork in August. Despite a number of updates ETH transaction fees, in general, showed an upward trend.

The transaction fees, which were 44.33 at the time of writing on Etherscan, also differed from the average transaction fees recorded by BitInfoCharts yesterday.

Why Are Transaction Fees Increasing

In recent months, the demand for Ethereum has increased significantly, so the average transaction fees on the network have also recorded high increases. It is the second largest crypto currency in terms of market capitalization Ethereum, which carried out upward price movements in the middle of the week and exceeded the all-time high price level.

Two market leaders, Bitcoin and Ethereum, have recorded similar price movements. The total market capitalization of the crypto currency ecosystem has reached $ 2.7 trillion. Bitcoin had a total market capitalization of $ 1.1 trillion, while Ethereum represented more than $ 500 billion of the total value.

The increased transaction volumes over the past seven days have also partially influenced the doubling of transaction fees on the Ethereum network since last week. Last week’s $ 14.7 billion Saturday Ethereum the volume of transactions increased to $ 26 billion on October 29.

The information contained in this article absolutely does not contain investment advice. Investors should know that crypto currencies have high volatility, so they carry risks, and they should conduct their transactions in accordance with their own research.

You can follow our news on our Telegram channel, Instagram, Facebook, Twitter accounts and Youtube channel.