Bitcoin and Ethereum Fees Leveled Off
Fees on the Bitcoin network have increased 4 times since October 2023, meanwhile on the Ethereum network they have decreased significantly, leveling the networks on this metric.
Glassnode's data shows that Ethereum network gas fees have dropped significantly amid the latest network upgrade, and with an increase in the number of transactions on L2 solutions. On May 12, the network managed to generate $2.8 million in fees, the lowest since October 2023.
Ethereum gas fees hit the lowest level in years
— The DeFi Investor 🔎 (@TheDeFinvestor) May 12, 2024
If you wanna farm airdrops on Ethereum L1, now is a good time to do that pic.twitter.com/gM4sZXBTEV
During the same period, Bitcoin's network fees quadrupled, allowing the network to flatten. Bitcoin managed to generate $2 million. Meanwhile, Ethereum users are rejoicing at the sharp drop in gas prices. However, experts warn that this euphoria will not last long.
Data from BitInfoCharts showed that gas fees in Ethereum have dropped significantly, falling 93% from a peak of $30 six months ago. This has become favorable not only for simple transactions, but also for NFT launches.
