Gas fees for transactions on the Ethereum (ETH) blockchain have dropped to the lowest levels since August. But they’re still not cheap.
According to data sourced from Coinmetrics and shared by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction as of March 9 totaled $11.14, placing it back amongst the levels recorded mid-last year before it surged dramatically to as high as $55 at the tail end of 2021.
At the time of writing there appears to be minimal network congestion, with Etherscan data estimating gas fees to cost around 30 Gwei ($1.53) for a low-speed confirmation to 32 Gwei ($1.64) for a high-speed confirmation.
Ycharts data also shows that the average gas price of Ether has been dropping rapidly since the start of the year, plunging all the way from 218 Gwei on Jan.10 to 40.82 Gwei as on yesterday.
Amid booming growth of Ethereum’s nonfungible token (NFT) and decentralized finance (DeFi) sectors in 2021, the network has come under fire on multiple occasions for its outrageously expensive gas fees.
Lower congestion and lower fees appear correlated with waning speculation or interest in NFTs and DeFi during the start of this year compared to late 2021. I
n terms of the last 30 days, DappRadar data shows that nine out the 10 top marketplaces on Ethereum have seen decreased trading volume, with first-placed LooksRare and second-placed OpenSea both shedding 78.27% and 34.75% apiece. Other notable losses include SuperRare and Rarible with 73.29% and 80.65% each.
Ethereum-based DeFi too is also suffering too, with eight out of the top 10 projects in all-seeing red over the past month in terms of total value locked (TVL) and native asset token price.
DeFi project TVL losses: DappRadar
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732
Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing
PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.