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Ethereum Blockchain Fees Drop 70% to 2020 Low

Ethereum Blockchain Fees Drop 70% to 2020 Low

HappyCoinNewsHappyCoinNews2025/02/20 21:11
By:HappyCoinNews

In just one week, the commission for transfers in the blockchain Ethereum fell 70% from $2,57 to $0,77. The last time it was so cheap to make transactions in Ethereum it was possible four years ago, in July 2020.

Ethereum Blockchain Fees Drop 70% to 2020 Low image 0

Over the past week, the average price of gas has been Ethereum was 1,61 Gwei. The lowest was recorded on Saturday, February 15, at 1,19 Gwei. This is only the second time the gas price has fallen this low, the first time being in September 2024.

Typically, a reduction in transaction fees has a positive effect on user activity on the network. However, such a significant drop, which is currently observed in Ethereum , most likely indicates a lack of demand, rather than an increase in network efficiency. This is also indicated by a sharp decrease in transaction volume. Thus, on Saturday, the daily figure dropped to $ 4,19 billion. This is almost 46% less than last week. In addition, this is the lowest daily transaction volume on the network Ethereum from November 7, 2024.

Activity on the Bitcoin blockchain is also falling, recently hitting a 12-month low as transactions fell 55% from their peak.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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