Average transaction fee Ethereum will rise to $ 51.45 this Saturday (30), according to the site. BitInfoCharts… The numbers show an increase of 2,293%. from the end of June…
Just seven days ago, the average online transaction cost was $ 22.52. October was a particularly hot month for Ethereum gas prices. On October 15, the average exchange rate was $ 45.74, which is almost double the value of the first day of the month: $ 23.79.
Ethereum transaction prices have fluctuated since hard fork london in August, but despite unusual fluctuations – often between days – network gas tariffs tend to rise.
It is important to note that BitInfoCharts provides a value based on the average transaction rate recorded over the previous day. On Etherscan, at the time of this writing, the real-time transaction fee is around $ 44.33.
Why is the Ethereum rate rising?
Transaction fees become more expensive as demand for Ethereum increases. Last week aired and Bitcoin (BTC) took off, with both coins setting new all-time highs in the middle of the week.
Since then, the bitcoin price has dropped from $ 66,930 to $ 61,360, or about 8%. Ethereum, which set a new all-time high of $ 4,456 on Friday, also fell to $ 4,290 on Saturday, down 3.8% from its record.
The two industry-leading cryptoassets tend to exhibit similar price movements. The total capitalization of the global cryptocurrency market is $ 2.63 trillion. Bitcoin alone accounts for $ 1.1 trillion of total value, followed by Ethereum, which is a respectable half a trillion dollars.
The jump in Ethereum’s average trading speed from last Saturday to today correlates with trading volumes over the past seven days. Last Saturday, $ 14.7 billion was sold in Ether, and yesterday that figure rose to $ 26 billion.
Ethereum’s explosive price performance and a surge in trading last week, in addition to reflecting the overall good performance in the crypto market, can also be attributed to the hype surrounding the latest ETH network update.
A Altair update – a step towards Ethereum 2.0 – a new network version which will arrive next year faster, greener, more economical and safer.
Improvements made by Altair were activated on the mainnet last Wednesday (27th) and arrived to help Ethereum take another step towards changing the consensus mechanism.
Today, the cryptocurrency network is based on Proof of Work (PoW) consensus, where the miners with the most computing power verify the majority of transactions. Starting with Ethereum 2.0, the network is based on proof of participation (PoS), where community members confirm transactions by blocking ether in bid…
Of course, the network still has a long way to go before it can deliver on its promises of lower gas tariffs. Nonetheless, today’s pricing performance is a compelling indicator that many are accepting Ethereum and its ecosystem.
* Translated and edited with permission Decrypt.co
