Ethereum fees practically doubled on the network striking a new all-time high

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Network fees on Ethereum are getting ready to continue climbing. This $17 per transaction is an all-time high in average network fees.

Network fees on Ethereum are getting ready to continue climbing with the average value maximising at just over $17 per transaction according to recent data. This $17 per transaction is an all-time high in average network fees beating the previous record of $12.54 back in September during the massive hype train of DeFi. The average transaction cost on the network almost doubled during the spike in trading volume.

Yield chasing on numerous DeFi platforms further added to the transaction load of stablecoin transfers. As a result of this, it made the Ethereum network even more actively used than previously. And because of this, fees increased.

The fee spike on Monday caused the DeFi NFT project known as Aavegotchi to delay the launch of its mainnet. 

The launch of Ethereum 2.0 at the end of last year is believed to help improve scalability on the blockchain and push down the average transaction costs. Of course, this process has already started however some are expecting that the upgrade will take years to reach full actualisation. This spike in Ethereum transaction fees and trading volumes comes prior to the launch of CME ETH futures which are set to go ahead later in 2021.

Currently, Ethereum is priced at $1037 at the time of writing following a 4.51% increase over the past 24 hours. Over the past few weeks, the world of cryptocurrency has been spun into bullish fever. It will be interesting to see where it goes next.

Ethereum fees practically doubled on the network striking a new all-time high

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Title: Ethereum fees almost doubled on the network hitting a new all-time high
Sourced From: cryptodaily.co.uk/2021/01/ethereum-fees-almost-doubled-on-the-network-hitting-a-new-all-time-high
Published Date: Tue, 05 Jan 2021 14:52:59 +0000

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Glenn Orth

Cryptocurreny News and Business Stories My Name is Glenn Orth and I am also the main source from the ‘Medianews.ca’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 5 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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