ETH Gas Fees Increased 2300% Since Last June: Report

ETH Gas Fees Increased 2300% Since Last June: Report

The ETH Gas fees increased 2300% since last June and now the demand for the cryptocurrency has increased as a result of the Altair upgrade so let’s find out more in our latest ethereum news today.

Ethereum’s Altair upgrade went live on Wednesday and it facilitates the network’s transition to ETH 2.0 boosting the demand to surge right now. The average transaction fee on Ethereum soared at $51.45 according to the data from the crypto metrics site BitInfoCharts with the figures showing an increase of 2,293% since last June. A week ago, the average transaction fee on ETH was $22.52 and this month was quite temperamental in the past for the ETH gas fees. The average fee was $45.74 which is almost double the figure from the past month.

Source: Etherscan

The price of transactions on ETH has been shifting after the London hard fork back in August but in spite of the variations, the gas fees on the network were trading upwards. It is worth noting that BitInfoCharts gives a figure based on the average transaction fees that were recorded from the day previously and on Etherscan, the real-time transaction fee was averaged at $44.33. The transaction fees increase when the demand for Ethereum rises. A week ago we saw the price of ETH and BTC increase both together and set a new high in the middle of the week. Since then, Bitcoin’s price retraced from $66,930 to $61,683 which marks a drop of 8% while Ethereum continued rising to a new all-time high of $4,456.

The two market leaders are often moving simultaneously and the combined market cap of the global crypto market is set at $2.63 trillion. BTC commands $1.1 trillion of that and ETH comes in second with half a trillion dollars. The doubling of the average transaction fee on ETH from a week ago to today correlates with the trading volumes of a week ago. Last Saturday, $14.7 billion dollars worth of ETH was traded while the figure increased to $26 billion a day ago as the ETH Gas fees increased. Ethereum’s huge price rise and trading activity in the past week could be down to the excitement around the latest network upgrade. The Altair upgrade is a step towards ETH 2.0 which is a much cheaper and secure network.

Altair is designed to facilitate Ethereum’s transition from the network that utilizes a PoW consensus mechanism where the miners with the most computing power validate most of the transactions whereas in the proof of stake, the miners that stake the most ETH validate the most transactions. The network has a little way to go before it can deliver on the promise of cheaper gas fees but today’s price performance is a strong indicator that a lot of traders are getting on board.

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