September 26, 2021

Ethereum’s return to all-time high accompanied by 77% rise in transaction fees

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Ether (ETH), the second largest cryptocurrency by market capitalization, returned to an all-time high on April 2 when the spot price for each unit of ETH exceeded $2,000.

Meanwhile, the ominous spectre of Ethereum’s unwieldy transaction fees made itself felt once more, as the cost of using the blockchain rose 77% across the past few days, in line with a 31% increase to the ETH coin price.

Ether recorded green candles for eight of the past nine days, as the coin price rose from a recent bottom of $1,530 on March 26, to the $2,009 valuation witnessed at time of publication.

Transaction fees summarily jumped 77% across the same time period, as the average cost of transacting on Ethereum rose from $12.96 to $22.97, according to data from Bitinfocharts.com.

Average fee figures often paint an inaccurate picture of the fees being paid most often on-chain, due to high-value outliers. The median transaction fee, which gives a clearer indication of the fees being paid most frequently, also rose during the past week, climbing 91%, from $6.66 to $12.74.

Few disagree that in the online world of dollar donations and sub-cent tips, the kind of costs incurred onTitle: Ethereum’s return to all-time high accompanied by 77% rise in transaction fees
Sourced From: cointelegraph.com/news/ethereum-s-return-to-all-time-high-accompanied-by-77-rise-in-transaction-fees
Published Date: Fri, 02 Apr 2021 13:12:16 +0100