Ethereum’s Gas Fees See Sharp Drop While Prices Surge

Ethereum’s Gas Fees See Sharp Drop While Prices Surge

Ethereum’s gas fees see a sharp drop as well as a decline in the trading volume over the week while the price of Ethereum increased along with its hash rate so let’s have a closer look at why could this be the case in our ETH news today.

Ethereum’s Gas fees see a sharp drop and they have been crashing for five days now as the price edges towards a new all-time high of $4465. At the time of writing, ETH trades for $4626 with the average transaction fee being $37.19 which marks a 33.5% reduction from Tuesday when the average gas fee was set at $56.

Source: Crypto.com

The network’s hash rate continued to soar to new highs and the hash rate is the one that determines the network’s computing power. Ethereum’s hash rate hit 812,769/GH/s and this figure increased to a new high of 821,207 GH/s according to Etherscan. So there’s a lot of new figures to look at, what does it exactly mean? The hash rate increased but the lower transactions fees could indicate a drop in the demand and while the price and computing power could be surging, another metric dropped off in the last four days and that is the trading volume.

There was over $21 billion worth of trades made on Ethereum and that figure dropped off. ETH had a similar trading volume at about $14 billion but in that time, Ethereum also lost $10 billion from its market cap that now stands at $534 billion. Still, ETH will point to the network’s burgeoning FNT scene which is an economy that has attracted plenty of bigger names like Visa, Marvel, and more, alongside NFT-established brands like Sorare and NBA.

The Chicago Mercantile Exchange also announced that it will start trading Ethereum micro futures derivatives enabling traders to make smaller trades than current ETH futures contracts allow. Etheruem is laying the groundwork for a huge network upgrade and ETH 2.0 promises higher speeds, low gas fees, and a greener carbon footprint. At the end of the month, Ethereum upgraded its beacon chain with the introduction of staking into the system paving the way for the merge which is still an unconfirmed date. The demand for Ethereum might have dropped a little bit and a higher hash rate that have reduced the loan on the network but the fees are rising and falling all of the time so there’s plenty of things to consider forward for Etheruem.

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