As Bear Claws Drive ETH Price Down, Ethereum Network Fees Remain Low – Altcoins Bitcoin News


While Ethereum price has jumped 61% over the last 30 days, the US dollar value of the crypto asset is still more than 60% lower than Ether’s all-time high in nine months. Amid the market downturn, the average network fee was less than $5 per transaction and on July 30, 9pm (ET), the average fee was around 0.001 Ether, or $1.70 per transfer. Moreover, Gas Tracker on etherscan.io recorded cheaper transfers this weekend, as transactions in the $0.18 to $0.66 range were confirmed by Ethereum miners.

Average Ethereum Network Fee and Average Volume Still Low

Ethereum is 60% less valuable than it was on November 10, 2021, but the network transfer fee is much lower these days. data Shown on July 30, the average Ethereum transaction fee was around 0.001 ETH Or $1.70 per transfer.

Medium fee On the net it was even cheaper 0.00039 ETH or $0.663 per transaction. The average Ethereum transaction fee in July did not cross the $5 mark. In addition, the medium-sized Ethereum fee did not exceed $2.50 per transfer in July.

Data transfers at the end of July on the Ethereum network refer to the transfer costs recorded by etherscan.ioGas Tracker was well below the bitinfocharts.com estimates. Gas Tracker stats show that the Opensea sale on July 30 could cost the user $0.86, Uniswap was estimated to cost $2.21 to trade, and Saturday’s ERC20 transfer was about $0.65.

Tier 2 pending fees of less than $0.50 per transfer or swap

It was lowered by the high Ethereum network transfer fees that etherscan.io reported between five to six gwei per transfer on July 30. These values ​​differ significantly from the transportation costs recorded nine months ago when ETH It came to $4,878 per unit.

At the time, bitinfocharts.com metrics illustrate this average ETH The transfer fee was about $29 per transfer. a glimpse Recorded on archive.org etherscan.io’s gas tracker shows cheaper transaction rates.

While the July 30 fee was between five and seven gwei, the lowest fee on November 9, 2021 was 171 gwei or $12.83 per transfer. The transaction cost of ERC20 is $39.71 and the Decentralized Exchange (dex) trade is $122.18.

With very low Ethereum network fees, Tier Two (L2) Fee Recorded on July 30 was even lower. Loopring conversion was $0.02 and for token swap, the cost was $0.39. ZKSync traded at $0.05 and token swaps at about $0.13. Optimism and Arbitrum have the highest L2 fees with $0.21 to $0.25 per trade and $0.31 to $0.41 per trade.

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What do you think about Ethereum fees continuing to drop over the last 30 days? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




photo credits: Shutterstock, Pixabay, Wiki Commons, etherscan.io’s Gas Tracker

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