Bitcoin and Ethereum Fees Leveled Off

05/13/2024

4,4

★

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

If you wanna farm airdrops on Ethereum L1, now is a good time to do that pic.twitter.com/gM4sZXBTEV
— The DeFi Investor 🔎 (@TheDeFinvestor) May 12, 2024

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.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.